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.
140,000 issues are sold of the printed products of Lapcom, such as the countrywide Bors, Délmagyarország sold in Csongrád County, and Kisalföld sold in Győr-Moson-Sopron County, while the papers have 650,000 readers all together. The digital platforms of the news sources attract 170,000 individual users every day.
For that matter,
the purchase is helped by MKB Bank, whose majority owner is mayor/entrepreneur/media enthusiast Lőrinc Mészáros, Viktor Orbán’s friend.
The direct owner of Avalue Investment Ltd. is AV Investments Ltd. owned by Andy Vajna through Cinergi Pictures, a company registered in the tax paradise of Delaware.
The government commissioner in charge of the movie industry and the casino owner has become one of the most prominent Hungarian media entrepreneurs after obtaining the TV2 Media Group (with the help of state credit), launching the Radio 1 radio station and obtaining more than two dosen of local radio frequencies in the countryside.
Featured image: MTI