Finnish media company Sanoma has signed an agreement to sell its Hungarian media unit, Sanoma Media Budapest, to Hungary’s Central Csoport, a financial services firm, Sanoma told MTI on Thursday.
The media house said that the company will realise capital gains of nearly 11 million euros as a result of the transaction, which is subject to final approval from Hungary’s Competition Office (GVH).
Sanoma, which controlled several lifestyle magazines and two TV cable channels, said that the sale of Sanoma Media Hungary is part of the Finnish media company’s restructuring strategy.
Sanoma has been present in Hungary since 1992. Its media companies in Hungary generated revenue of 60 million euros in 2013.