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Bookseller Libri and online portal announce tie-up

Hungarian bookseller Libri and online program guide 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., established in 1996, is one of Hungary's biggest cultural information portals.