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.