CAIRO, May 15 (Aswat Masriya) - A media company owned by businessman Ahmed Abu Hashima said on Sunday it bought the company that owns ONTV satellite channel, which belonged to renowned tycoon Naguib Sawiris.
Egyptians' Media company, owned by Abu Hashima, said in a statement that the company has signed an acquisition contract with Sawiris and that it now owns 100 per cent of the shares of the company that owns ONTV.
The company did not announce the value of the deal.
The statement said the move comes "in the context of the company's strategy to pump large investments in the Egyptian media sector to restore Egypt's leadership."
The statement quoted Abu Hashima as saying that the channel's acquisition "comes in recognition of the role played by the Egyptian media."
The company said that the deal is the "first step" among many media-related projects that will be announced successively.
Abu Hashima is the Managing Director and Vice Chairman of FE Steel and serves as the CEO of the Cairo-based Egyptian Steel Group, which he co-founded in 2010.
Sawiris is the Chairman of the board of Weather Investments’s parent company and Executive Chairman of Orascom Telecom Media and Technology Holding S.A.E.
He founded the Free Egyptians Party after the 2011 Uprising that toppled former president Hosni Mubarak.
Abu Hashima and Sawiris supported President Abdel Fattah al-Sisi during the presidential elections in 2014.