Est Media Group (EMG),will partner with a yet to be named financial investor to buy the free program guide Exit from the Hungarian unit of Finnish publishers Sanoma, EMG owner econet.hu said late Tuesday.
EMG will take over the program guide, its assets, website and some of its staff, econet.hu said. The contract will be signed in the coming weeks and Exit will be placed into a project company to be 20% owned by EMG and 80% by the financial investor, who is financing the transaction.
In a better economic and financing environment, EMG will take over 100% ownership of Exit, the statement said.
EMG publishes the program guides PestiEst, EstLapok, FidelioEst and TimeOut Budapest. (MTI-Econews)