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Sawiris' ONtv Acquired by Steel Magnate Ahmed Abu Hashima

Abu Hashima-owned Al-Masryeen Media released a statement yesterday afternoon announcing the acquisition deal.

In a statement released by Al-Masryeen Media which is owned by steel tycoon Ahmed Abu Hashima, the company announced the acquisition of Naguib Sawiris’ ONtv. The deal was signed yesterday Sunday May 15th, according to Youm 7.The deal comes as the first step towards achieving Al-Masryeen Media’s long term strategy goals of investing heavily in the country’s media sector “to restore Egypt’s leadership,” the statement read. Abu Hashima was quoted as saying that the channel’s acquisition “comes in recognition of the role played by Egyptian Media.”  

Aside from Al-Masryeen Media, Abu Hashima also serves as Managing Director and Vice Chairman of FE Steel and Chief Executive Officer of Egyptian Steel Group.