The Egyptian Media Company, owned by Egyptian businessman Ahmed Abou Hashima, signed an acquisitions contract to acquire ONTV from businessman Naguib Sawiris.
The company said in a statement that the move comes within the framework of investing in Egyptian media “to restore Egypt’s prominent position in the media industry”.
According to the statement, Abu Hashima affirmed that the acquisition of ONTV is desirable owing to its history of challenges and its important role during hard times in Egypt.
The company also announced that the move will be followed by other acquisitions of media outlets and drama production in addition to internet channels.
ONTV played an important role during and after the 25 January Revolution as it hosted several political TV programmes in addition to organising a presidential debate between two candidates in 2012.