Government’s film industry commissioner Andy Vajna bought a media enterprise

According to 24.hu, government commisioner in charge of the movie industry Andy Vajna and Radio Bridge Media Holdings Ltd., the owner of Lacombe, signed a contract, in the frameworks of which Lapcom and its media products, tabloid Bors and country daily papers Délmagyarország and Kisalföld, were bought by Avalue Investment Ltd., Vajna’s company.

The Radio Bridge Media Holdings Ltd. assigned 100% of Lapcom Inc.’s shares to the Avalue Investment Ltd. The only condition of the transaction is that the Hungarian Competition Authority has to allow the ownership. But this is only formality concerning that the Media Council has already permitted the transaction.

“We’d like to thank our colleagues and the leadership of the enterprise for making Lapcom the leading company group of the industry” said Charles Kovács, the director of Lapcom’s supervisory board and the representative of the Cayman Islands-based Radio Bridge Media Holdings Ltd. However, he didn’t mention why they sold the company with a revenue of 10 billion forints to the government commissioner.

“The buying of Lapcom is an improtant milestone among my media investments. My goal is to further develop the papers and online issues belonging to Lapcom. The expanded media portfolio aims to set a value for local and countrywide consumers and advertisers with the exploitation of cooperation opportunities, the development of innovative products and the improvement of digital platforms” said Andy Vajna, the owner of Avalue Investment Ltd.