Egyptian billionaire Naguib Sawiris and Franco-Tunisian media executive Tarak Ben Ammar have sold Prima TV’s digital terrestrial multiplex to Syes for about €2.5 million, marking another step in Sawiris’ gradual exit from legacy media investments.
- Egyptian billionaire Naguib Sawiris and Tarak Ben Ammar sold Prima TV’s digital terrestrial multiplex to Syes for about €2.5 million.
- The deal involved transferring the 3DFree multiplex, which reached 95.2% of Italy’s population, into a separate entity before the sale.
- Prima TV has faced heavy financial losses, totaling nearly €30 million over the last two years, with declining revenues and increased dependence on government support.
- A major setback was Sky Italia’s termination of its transmission agreement, and the market is also suffering from reduced advertising and a shift to streaming.
Egyptian billionaire Naguib Sawiris and Franco-Tunisian media executive Tarak Ben Ammar have sold the digital terrestrial television multiplex operated by their Italian media company Prima TV to telecommunications engineering firm Syes for about €2.5 million, marking another step in Sawiris’ gradual exit from legacy media investments.
The deal, approved by Italy’s communications regulator AgCom, involved transferring Prima TV’s 3DFree multiplex operations into a separate entity called Dfree before selling it to Syes, according to Billionaires Africa report.
The 3DFree platform covered about 95.2% of Italy’s population and operated as a transmission infrastructure that leased broadcasting capacity to television networks.
The sale follows mounting financial pressure on the business. Prima TV recorded losses of more than €18.5 million in 2024 after posting an €11 million loss in 2023, bringing cumulative losses over the two years to nearly €30 million.
Revenues also declined from €16.6 million in 2023 to €13.1 million in 2024, with part of that figure supported by government reimbursements rather than commercial operations.
A major setback came after Sky Italia terminated its transmission agreement with 3DFree, removing a significant source of recurring revenue. The wider decline in traditional free-to-air television advertising and the continued shift toward streaming platforms further weakened the business outlook.
Mounting losses
The multiplex business had struggled to remain profitable as broadcasters reduced demand for terrestrial transmission services. Analysts say the loss of anchor clients and changing viewing habits accelerated the decline.
The transaction aligns with Sawiris’ broader strategy of reducing exposure to traditional media assets while increasing investments in sectors such as mining and real estate. He previously sold Egyptian broadcaster ONTV and later exited pan-European news network Euronews in 2021.
Sawiris has increasingly focused on gold, property, and large-scale development projects, particularly in the UAE and Africa, describing them as more reliable stores of value in the current global environment.
Ben Ammar, who owns 80% of Prima TV, remains one of the most influential figures in European and North African media. The veteran producer and distributor has worked with major Hollywood filmmakers, including George Lucas and Steven Spielberg, through his company Eagle Pictures.
