Giant Media Group Mediaworks Sets Up in Hungary

(MTI) – The Austrian Vienna Capital Partners has set up one of Hungary’s largest media companies under the name of Mediaworks Hungary, the new company’s top officials announced on Wednesday.

The VPC set up Mediaworks after approval from the Hungarian Competition Office, purchasing most parts of the portfolios the international media companies Ringier and Axel Springer had operated in Hungary, the officials told a press conference.

The chief executive of the new media company is Attila Mihok, president-CEO of the daily Nepszabadsag until now, and the board is composed of former top managers of Ringier and the regional management of Axel Springer in Hungary.

The Mediaworks Hungary group’s portfolio includes 12 companies, Mihok said.

Mediaworks employs 700 people and puts out 63 media products which altogether have 1.8 million readers and 1.6 online visitors, he said.

The group’s general interest and economic portfolio includes Hungary’s largest daily Nepszabadsag, business daily Vilaggazdasag and the Manager Magazin.

It further owns eight regional dailies, sports daily Nemzeti Sport, as well as several youth, women’s and gastronomy magazines, said Mihok.

Mediaworks operates Hungary’s most modern printing house that puts out 600,000 copies of papers per day, he said.

The group calculates with generating an annual revenue of 15-16 billion forints (EUR 48.3m-51.6m), he said.

Photo: MTI – Balazs Mohai

Source: http://mtva.hu/hu/hungary-matters