Ringier Axel Springer Media launches in Hungary
Ringier and Axel Springer have announced that they will merge their activities in Hungary to launch Ringier Axel Springer Media.
The companies will sell a part of their Hungarian media portfolio to Vienna Capital Partners to comply with competition requirements for the planned transfer into their joint venture.
Ringier Axel Springer Media, headquartered in Budapest, will operate as Ringier Axel Springer Hungary, with its portfolio consisting of tabloid newspaper BLIKK, women’s magazines and licensed titles such as AUTO BILD, GLAMOUR and GEO.
The CEO of Ringier Axel Springer Hungary will be József Bayer, the current CEO of Axel Springer in Hungary.
The completion of the transaction is subject to approval by the Hungarian Competition and Media Authorities.