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Abu Dhabi Media Company sells the National newspaper

Eight years after the launch of the National, state-owned
Abu Dhabi Media Company (ADM) has sold the English-language newspaper.

WAM reported that the paper had been sold to International
Media Investments (IMI), a subsidiary of private investment firm Abu Dhabi
Media Investment Corporation (ADMIC).

ADMIC was set up in 2010 as a special purpose vehicle for a
partnership with broadcaster BSkyB to launch the Sky News Arabia channel from
Abu Dhabi. It is owned by Sheikh Mansour bin Zayed Al Nahyan, the UAE’s deputy
prime minister.

No figure was given for the value of the acquisition, WAM reported.

The report said that the National would remain under control
of ADM until “arrangements for the transfer of its operations to the new
management and new premises are concluded”.

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