The Egyptian Media Company, owned by Egyptian businessman Ahmed Abou Hashima, signed a new acquisition contract on Wednesday to acquire 51% of Presentation Advertising Agency shares, according to a statement issued by the company.
This step came a few days after Abou Hashima’s acquisition of ONTV which was owned by businessman Naguib Sawiris.
Prominent publisher Hesham Kasem told Daily News Egypt: “This new acquisition will negatively affect the Egyptian media market in the future, as these acquisitions neither aim to improve the media market nor increase the proficiency of media agencies.”
In Abou Hashima’s point of view, as someone of influence, it is important to have a strong media body to support him and positively review his achievements in economic, political, and social fields, according to Kasem.
“A new programme is being produced by Yasser Selim, a retired intelligence officer, named ‘Ana Masr’ on state-owned media. The current regime is attempting to improve its image and public standing by using the media’s power and influence,” Kasem said.
Kasem confirmed that the media scene nowadays, in the context of the new acquisition, is temporary and will only last until the “downfall of the regime”, following which all these media agencies will declare bankruptcy.
Fakery Al Fiky, an economic analyst and former assistant of the IMF, said that Abou Hashima depends on two main economic tools to be a strong partner in the Egyptian media market, which are acquisition and integration.
“These tools are suitable for media entities and to protect itself from market risks, especially the Egyptian media market that recently suffers from many problems related to financing,” Al Fiky explained.
Opposing Kasem’s point of view, Al Fiky believes that these new steps will affect the Egyptian media market positively.
“The acquired and integrated agencies and entities will solve its problems related to financing,” Al Fiky pointed out.
Fakery Al Fiky, an economic analyst and former assistant of the IMF, said that Abou Hashima depends on two main economic tools to be a strong partner in the Egyptian media market, which are acquisition and integration.
“These tools are suitable for media entities and to protect itself from market risks, especially the Egyptian media market that recently suffers from many problems related to financing,” Al Fiky explained.
Opposing Kasem’s point of view, Al Fiky believes that these new steps will affect the Egyptian media market positively.
