German newspaper-publishing company Axel Springer and Swiss media corporation Ringier will consolidate their interests in five eastern and central European countries, including Hungary, the companies announced in Zurich on Wednesday.
Axel Springer operates 109 printed and 45 online publications in Hungary, mostly regional dailies, business newspapers and magazines, while Ringier owns the tabloid Blikk, sports newspaper Nemzeti Sport and political daily Népszabadság.
The companies said they will merge their regional interests into a single company based in Zurich, launching its shares on the stock exchange within 3-5 years.
Competition and media-supervisory authorities must approve the merger. (MTI-ECONEWS)