Mediaworks acquisition of Pannon Lapok okayed
The Media Council of Hungaryʼs National Media and Infocommunications Authority (NMHH) on Monday gave preliminary approval for Mediaworks Hungary to acquire sole control over publisher Pannon Lapok Társasága (PLT), the NMHH announced yesterday, as reported by Hungarian news agency MTI. The final decision lies with the Competition Authority (GVH), NMHH said.
Mediaworks Hungary, established by Vienna Capital Partners (VCP) to take over the local businesses of Axel Springer and Ringier two years ago, announced on July 4 that it had asked for the Media Councilʼs approval after it reached agreement on taking over PLT from the latterʼs owner, Ost Holding GmbH.
PLT has annual sales revenue of almost HUF 9 billion. It publishes county dailies and has local digital media channels in four counties (Fejér, Vas, Veszprém and Zala) in Western Hungary.
Mediaworks Hungary had revenue of over HUF 16 bln in 2015. It has more than 60 brands, including eight regional dailies and the national dailies Népszabadság, Nemzeti Sport and Világgazdaság.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.