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Chinese CITIC acquires majority stake in Czech media group

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Photo by Postmodern Studio/Shutterstock.com

The Chinese state concern CITIC has acquired a majority stake in one of the largest Czech media houses, Médea, the news portal Hlídací pes reported on Saturday, Czech Radio says. 

Photo by Postmodern Studio/Shutterstock.com

CITIC previously held a 30%-share in the company but it has exercised an option to obtain more and now possesses a greater stake than second owner Jaromír Soukup, who is a frequent presenter on the Médea television station Barrandov. The media group also includes magazines such as Týden and Sedmička.

Hlídací pes said the main drivers of the deal had been former defense minister Jaroslav Tvrdík and President Milos Zeman’s advisor Martin Nejedlý. The news site said the deal could give the Chinese group greater influence on the Czech media landscape, Czech Radio adds.

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