NBC News has sold its stake in Euronews as it prepares to launch the planned NBC Sky World News channel.
NBC held a 25 per cent stake in Euronews, which is majority-owned by Egyptian telecoms billionaire Naguib Sawiris.
According to the Financial Times, NBC News has sold its entire holding in the broadcaster to Sawiris’ Media Globe Networks, which now owns 88 per cent of Euronews.
The remaining 12 per cent will continue to be owned by public broadcasters and local authorities.
In an internal memo to staff, seen by the FT, Euronews chief executive Michael Peters said the channel will now go head-to-head with NBC Sky World News in what he described as the “hyper competitive international news channel” market.
“While our strong European identity and focus sets us apart, Euronews and NBC Sky World News will both undoubtedly be operating on the same international news channel market,” he added.
NBC Sky World News was originally expected to launch this summer, but has been postponed due to the coronavirus outbreak.