Major Egyptian TV networks and competitors Al-Nahar and CBC announced a merger under the umbrella of a holding company in a move that aims to expand the reach of the networks beyond Egypt.
In a press conference held today’s afternoon, owners of the two satellite channels Al-Nahar and CBC declared forging a full partnership. The two channels will merge due to this agreement under the auspice of one holding company.
The new company promises to keep ‘all professional labour’ and expand beyond the Egyptian market
“This merger is aimed to enhance media industry in Egypt in the face of the ongoing challenges,” Mohammed Al-Amin, owner of CBC channels, said.
The holding company will also explore the possibilities producing movies, Al-Kahky added.
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On his part, owner of Al-Nahar channel Alaa Al-kahki said that the new entity will own the media agencies of these channels, hoping the move to have positive repercussions on both the Egyptian media and economy.
Both Al-Nahar and CBC launched following the January 2011 uprising.
Al-Nahar launched in June 2011. Besides a main channel with its name, it also has several other channels under Al-Nahar network including Al-Nahar Sports, Al-Nahar Drama which broadcasts TV series and soap operas, and news and entertainment channel Al-Nahar Al-Youm.
CBC started broadcasting in July 2011 with a single channel. CBC has expanded to CBC Sofra, a channel dedicated to cooking shows, CBC Drama, which broadcasts soap operas and TV shows, and CBC Extra that features additional talk shows and entertainment.