NBC sells stake in Euronews: company source

NBC News has sold its stake in pan-European broadcaster Euronews, a source at the France-based pay-TV channel said on Monday. NBC, which acquired it's 25-percent holding three years ago for 25 million euros (USD 27 million), has sold the shares to Euronews' majority owner, Egyptian telecom and media magnate Naguib Sawiris, the source told AFP.

The transaction, completed on April 15, has increased the stake held by Sawiris' Media Globe Networks in Euronews to 88 percent. The move comes after the parent company of NBC News, Comcast, acquired British group Sky for 33 billion euros. According to the Financial Times, Comcast intends to transform the combined NBC Sky World News venture into a pan-European channel that will compete directly with Euronews, which is based in the eastern French city of Lyon.

The Euronews source insisted that Sawiris' purchase was a "vote of confidence" for the broadcaster by its existing majority shareholder. Euronews, which was set up in 1993 and now runs 12 national channels, will now focus on its digital content, where it hopes to expand content "beyond straightforward news" and seek partnerships with "external platforms", the company source said.

According to Euronews, it doubled its digital audience in 2019, a trend that has continued into the current year.