20 Oct 2017
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NBCUniversal in negotiations to acquire stake in Euronews

MUMBAI: Comcast’s NBCUniversal is in negotiations to acquire a minority stake in European news network Euronews.

NBCUniversal is planning to buy a stake of 15 to 30 per cent. Egyptian billionaire Naguib Sawiris, who owns 53 per cent of Euronews, would remain the controlling shareholder.

Euronews’ supervisory board has mandated CEO Michael Peters to lead the negotiations.

The deal will enable NBC News to expand coverage of Europe while it will also boost Euronews’ US coverage.

Sawiris had bought his 53 per cent stake in Euronews for around $40 million.

Euronews came into existence in 1993 with the goal of becoming the “European CNN”. It airs in 13 languages and covers 155 countries.