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Report: TV2 announces sale to Vajna

Deals

Media Group Holdings Kft., the current owner of Hungarian commercial channel TV2, and Magyar Broadcasting Co. Kft., owned by Andrew G. Vajna, government commissioner in charge of the Hungarian film industry, today signed a purchase contract for the channel, TV2 announced, according to online news daily origo.hu.

Once Hungary’s Competition Office (GVH) approves the deal, Andy Vajna will become the owner of TV2 Group, which operates four channels in Hungary. Prior to the change of ownership, current owners Zsolt Simon and Yvonne Dederick will lead the company, origo.hu reported.

“In the past two years with the new management structure and a conscious financial direction, we have achieved growth at TV2, earlier than expected, only in a year’s time. The purchase of the media company was a good investment, we can transfer a well-operating and secure company to our new proprietor,” the two current owners said today, according to origo.hu.

The current owners bought the company in December 2013 from ProSiebenSat.1, and were able to increase revenues by approximately HUF 1.5 bln to HUF 17.6 bln in 2014. The company closed last year with a positive EBITDA of HUF 958 mln, for the first time since 2008.

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