Media company econet.hu on Friday said it decided to inject HUF 700 million of a HUF 1 billion capital raise by Stirling Investments into FM1, the operator of country-wide radio broadcaster Neo FM. At the same time, econet.hu decided to sell a 75% stake in FM1 while retaining the majority rights to all of the broadcaster's advertising time.
Econet.hu will sell the stake in FM1 to FM1 Friends, owned by the private Hungarian individuals Gábor Székely (95%) and László Horváth (5%).
Econet.hu said it continues to look for possible acquisitions on the online market. (MTI-Econews)