Monday, August 23, 2010

Breaking News : Al Dostor’s New Owners

Ok guys this is from inside the house itself ; Al Dostor newspaper has got new owner according to Ibrahim Eissa’s announcement to the journalists from couple of hours ago.
For the past months there were various rumors about the proposals from different businessmen and tycoons to buy Al Dostor and Sawt Al Oma from Essam Fahmi.
Wait for more updates about our favorite newspaper’s new owners.
Update#1
Egyptian media tycoon and the head of Al Wafd party Dr. Siyad Badawy has bought the newspaper in partnership with businessman Reda Edward. Al Dostor chief in editor Ibrahim Eissa stated to On TV channel that there will be no changes in the editorial policies of the newspaper
Badawy and Edward bought the newspaper for a big number which I assume is the biggest in the history of Egyptian press between LE 16-25 million !! There are even sources speaking of higher numbers. There were long negotiations between Badawy and Fahmi for months. It is worth to mention that Fahmi is a Wafd party member who expressed his support to Badawy during the last party's elections openly thought I do not think that this had to do with the deal.
The new board of directors will be made of Siyad Badawy , Reda Edward and Ahmed Essam Fahmi as the publisher of the newspaper ; Ahmed is the son of Essam Fahmi.
Badawy owns a huge TV network called Al Hayat TV and huge pharmaceutical group that operates in Egypt , Sudan and Saudi Arabia called Sigma.
I do not know much about Reda Edward except that he works in education and he is member in the Wafd party too.
I expressed my views about Badawy before and currently I have mixed thoughts and concern , for one side Dostor really needs good and strong finance and from one side I fear from the real intentions behind the acquisition of this newspaper. 

5 comments:

  1. @Zeinobia "Fahmi is a Wafd party member who expressed his support to Badawy during the last party's elections openly thought I do not think that this had to do with the deal."

    The fact that seller and buyer are both supporters of the same small political party makes it very likely that party affiliation was a consideration in the sale, doesn't it? Wikipedia says Al Wafd has 6/454 lower house seats and their presidential candidate got 2.9% of the vote in 2005. The odds of buyer and seller both being Al Wafd supporters by chance are small.

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  2. By the way, Z, your earlier post about Siyad Badawy and Al Wafd mentioned Ayman Nour. As you know, Nour is head of the El-Ghad party. What you may not know (and maybe it will bore you to tears) is that Mohamed El Naschie's brother Said Elnaschaie was appointed by Nour to a shadow government position in El-Ghad. Mohamed of course is an NDP supporter. The brothers do not get along.

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  3. do you think it will become like other opposition newspaper .. when the president and his family are red lines and no one can say anything about them .. what do you think the newspaper policy will be like ??

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  4. The pharmaceutical group is huge in Egypt and its overseas activities have been facilitated by Saudi finance
    http://www.ameinfo.com/188609.html
    It owns a 'minority' stake in one of Sudan's pharmaceutical companies - 'we' support the protection of 'our' pharmaceutical industry from foreign competitors.

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  5. @Jason , do you know that we do not know most the Ghad Party members !!?? It is interesting I wonder what Dr. Mohamed thinks and he is a strong supporter to Mubarak.
    The Wafd part can't be considered small despite being a tamed party , do not judge on their representation in the parliament
    I think money played the only role in this deal plus his promises to keep the newspaper independent , I forget to tell you that this man despite having the biggest private TV network in EGypt he has never used to promote for his party or from himself.
    Fahmi knows El-Dostor is regarded the independent opponent newspaper in Egypt , many people respect its independence and this is why he had many proposals with lots of money even from the NDP but I think he chose Badawy based on his neutrality in Al Hayat TV

    @anonymous , Eissa promised that there will be no change in the editorial policies , we will see

    @Africanist , well good for you and for him too

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