NBC Sells 25% Stake in France-Headquartered Broadcaster EuroNews

By Elsa Keslassy

LOS ANGELES (Variety.com) – Although the roll out of NBC Sky World News has been delayed amid the coronavirus crisis, NBC has proceeded to sell its 25% stake in EuroNews, the pay-TV group headquartered in France, Variety has confirmed.

NBC’s stake in EuroNews was acquired by Naguib Sawiris’ Media Globe Networks, who has been a majority shareholder in the broadcaster with 63% since 2015.

The deal, signed April 15, now gives the Egyptian billionaire an 88% stake in EuroNews. Beyond this transfer of shares between NBC and Media Globe Networks there are no other changes to the shareholders structure of the broadcaster, a EuroNews spokesperson said.

NBC bought into EuroNews in 2017 and in the last two years, EuroNews saw its ad revenue grow by 50%.

The Comcast-backed broadcaster is now divesting its shares in EuroNews as it prepares to launch NBC Sky World News with its pan-European sister company Sky, also owned by Comcast.

Currently placed on hold due to the pandemic , NBC Sky World News will be headquartered in London.

As previously reported, NBC Sky World News was borne out of Comcast’s 2018 gain of control in Sky for around $39 billion, and a desire to marshal resources from both NBC News and Sky News to vie in new markets with other news organizations that do a sizable business with English-speaking consumers in international regions.

The remaining 12% stake in EuroNews is still owned by European public broadcasters, including Rai and France Televisions. EuroNews, which includes 12 cross-platform language editions, ranks as a leading international news channel in the continent.

NBC’s sale of its EuroNews stake was first reported by the Financial Times.