Egyptian media tycoon sells his empire

In a surprising move on Monday, well-known Egyptian businessman and a large stakeholder in the media industry in Egypt, Ahmed Abou Hashima, sold all of his shares in the media market.

Abou Hashima, also known as Egypt’s media emperor, announced that he has sold his stake in Egyptian Media Group (EMG) which is the parent company of high-profile media channels including Synergy and OnTV.

The shares were acquired by Eagle Capital, headed by Engineer Osama al-Sheikh, the former director of the Egyptian Radio and Television Union.

Eagle capital announced the news in a statement, saying that they will also be acquiring newspapers such as Al Youm Al 7, Sout Al Omma and several other companies and media institutions in Egypt that Abou Hashima previously owned.

Dalia Khorshid, Eagle Capital’s CEO and former investment minister, said that this deal represents the company’s first key investment.

“This deal reflects our interest in a strategic sector that touches the lives of consumers on a daily basis,” she added.

Abou Hashima is known for spearheading the steel trading industry in Egypt, and acquired the OnTV channel from billionaire businessman, Naguib Sawiris, in 2016.

Abou Hashima said that he was happy to complete the deal, and hopes that the Egyptian media group will continue its success and strengthen its leadership under the umbrella of the new company. He did not elaborate on the reasons why he sold all his shares.