Hungary’s largest conservative media owners have ceded their stakes in print, broadcast and electronic media to the Central European Press and Media Foundation, a non-profit organization aimed at bringing stability to the media market, Magyar Idők writes.
“The aim of the foundation is to establish a structure which, in cooperation with the other media branches (TV, radio, online) can ensure the long-term financial and professional viability of the traditional printed press,” it said.
The foundation will be led by 62-year-old Gábor Liszkay, a lawyer by training and a long-time prominent figure of Hungarian conservative media. Magyar Idők said that there are several international examples of such non-profit media holdings, most notably the Norwegian Amedia Stiftelsen (Amedia Foundation), the owner of 50 local and regional newspaper with online newspapers and printing presses, and its own news agency, Avisenes Nyhetsbyrå. The corporation also owns and operates a group of printing plants under the brand name Prime Print in Russia.
Hungary’s media watchdog NMHH did not raise any concerns regarding the deal, nor did the country’s market watchdog, GVH. The Article also gave a brief account of Hungary’s print media market following the regime change in 1990 and said advertising revenues in print media amounted to HUF 38.33 billion last year.