In 2014, VCP acquired of a portfolio of titles from both Ringier and Axel Springer and formed Mediaworks, which entered the market as one of the largest publishing houses in Hungary
Date: 2014 – 2016 Country: Hungary Industry: Technology/Media/Telecommunications Buyer (client): Mediaworks Seller: Ringier, Axel Springer, Funke Medien Gruppe VCP’s role/competence: own investment, add-on acquisition
In 2010, Swiss Ringier and German Axel Springer announced to combine their CEE activities in a joint venture. The Hungarian Media Council blocked the transaction with regard to Hungary on competition grounds. In 2012, Ringier and Axel Springer offered VCP to acquire parts of their respective Hungarian portfolios.
The parties agreed that VCP acquires a portfolio of titles from both Ringier and Axel Springer and signed the transaction in January 2014. After this announcement, the Media Council approved the Axel Springer-Ringier joint venture in May 2014. The acquisition by VCP was closed in September 2014 after the regulatory approvals were granted.
Since 1 October 2014, the newly formed company has been operating as “Mediaworks”. The transaction attracted a lot of public interest as Mediaworks entered the market as one of Hungary’s most significant media enterprises with ca. €50 million in revenues.
In addition to the portfolio of titles, Mediaworks also acquired the largest printing plant in Hungary, which offers printing services also to third parties.
In the changing Hungarian media landscape, Mediaworks was a suitable platform for consolidation on the market. In September 2016, Mediaworks announced the acquisition of Pannon Lapok Társasága Kiadói Kft. (PLT) from Funke Medien Gruppe. Through this acquisition, Mediaworks increased its excellent foothold in regional publications and strong national presence in the segments sport, business and magazines.
Later in 2016, VCP Group decided to divest Mediaworks and sold the company to Opimus Press, a wholly owned subsidiary of the Budapest Stock Exchange listed Opimus Group.
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