Lagardere Group sells East European radio assets to Czech Media Invest
Lagardere is selling its Eastern European radio assets in the Czech Republic, Poland, Slovakia and Romania to Czech Media Invest; sale price is 73 million euros.
Articol de Florin Lepădatu, 17 Aprilie 2018, 11:43
French media group Lagardere is selling its Eastern European radio assets in the Czech Republic, Poland, Slovakia and Romania to Czech Media Invest, and sale price is 73 million euros ($90 million), Lagardere group announced on Tuesday, according to Reuters.
Transaction is part of Lagardere's broader strategy to dispose of non-core business to improve its cash flow.
Last week, French newspaper Le Figaro announced that Lagardere launched the process of dismantling its media division in the idea of selling television channels, foreign radio stations and magazines, only to keep audiovisual production, Europe 1, Journal du Dimanche and Paris Match.
Lagardere Group entered Romania in 1996, through the acquisition of Radio Total Timişoara, later renamed Radio 21 Timişoara.
In 1998, Lagardere re-launched Radio 21 network and in 1999 it obtained the license for the first national commercial radio network, Europa FM, that started broadcasting in 2000.
In 2007, Lagardere acquired the Deea radio network, some of the licenses being used to launch the Vibe FM network in April 2008.
Source:RRA,Reuters.Translated by Miruna Matei
