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Est Media sells stake in Time Out Budapest publisher

Hungary's Est Media said it sold its 80% stake in the publisher of the magazine Time Out Budapest.

The stake in publisher D-E-G Lapkiadó was purchased by a minority owner in the company.

D-E-G plans to bring in a professional investor to finance the publication of the magazine. If the plan succeeds, D-E-G could exchange its liabilities to Est Media for equity, making Est Media a minority stakeholder.

Est Media said Time Out Budapest represents a part of its print portfolio on which it no longer wants to focus.