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Est Media dumps NeoFM stake

Bourse-listed media group Est Media Nyrt, formerly known as, said that it has sold its stake in FM1 Kommunikációs és Kulturális Zrt, the company that runs radio network NeoFM. Est Media sold its 25% ownership to FM1 Friends kft, the network's majority owner, for HUF 120 million.

Est Media said its revenue will be HUF 1.5 billion less this year as a result of the deal, since it will no longer sell commercial air time on NeoFM. The sell-off is part of a restructuring effort to divest the company's loss-making businesses and streamline operations in the short and medium term, Est Media said in a stock exchange statement.