Bookseller Libri and online portal PORT.hu announce tie-up
Hungarian bookseller Libri and online program guide PORT.hu on Monday announced a tie-up after Libri acquired an 80.5% stake in the portal.
"Libri sees its future not just in books, but wants to enter other markets involving cultural services with the expansion of its product palette," Libri managing director Csilla Walitschek said.
Walitschek declined to reveal the expected impact on earnings of the acquisition, but said Libri had booked an increase in turnover of a few percent in spite of the contraction on the book market last year.
The 20-year-old Libri has annual revenue of more than HUF 8 billion. It has 34 shops and an online storefront. With an annual 1.6 million customers, it is one of Hungary's biggest booksellers.
PORT.hu, established in 1996, is one of Hungary's biggest cultural information portals.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
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.