Ringier, Sanoma and Népszabadság, Hungary's three leading newspaper publishing companies, are going to set up a joint newspaper distribution enterprise in a bid to plug into Magyar Posta Zrt's lucrative newspaper subscription market, daily Magyar Hírlap said.
The company, whose name is yet to be revealed, will reportedly be assisted by a German strategic investor which has already established a firm footing in Hungary and the Czech Republic. The new distributor is expected to make significant inroads into Magyar Posta's 280,000-copy daily paper delivery domain as the three companies publish some of the country's popular publications, such as daily Népszabadság, tabloid Blikk and Nemzeti Sport. Hungary's printed media market was worth about Ft 10 billion last year, 75%-80% of which came from subscriptions. Its revenues rose 12.3% in 2005, up from a 9.3% increase a year earlier.