CAIRO – 5 July 2018: Egyptian Media Group announced on Thursday, July 5, acquiring Al-Hayat TV Network. Chief Executive Officer, Tamer Morsi, said that the channel will work on producing new, developed content.
Morsi was announced to hold the post of Egyptian Media Group CEO in February to succeed former head of Egypt's state Radio and TV Union, Osama el-Sheikh, after his resignation.
FILE- Al-Hayah TV Channel logo
Shortly after the announcement , Morsi appointed Yasser Seliem as deputy chairman of the Egyptian Media Group.
CAIRO - 22 February 2018: Former head of Egypt's state Radio and TV Union Osama El Sheikh resigned from his post as a Chief Executive Officer in Egyptian Media Group on Wednesday due to personal reasons.
Since June 2017, Al-Hayat TV Network has been suffering from a financial crisis that caused frequent temporary shutdowns. The Media City Production Company threatened to suspend the debt-ridden, privately-owned channel.
Last September, Twasol Group announced buying Al-Hayat from its previous owner, and former chairperson of the Wafd political Party, Al-Sayed al-Badawi.
Egyptian Media Group owns several successful media outlets including Youm7 newspaper, ON Satellite channels and Nile Radio Productions (NRP). Al-Hayat was originally established as an entertainment network in 2008.