April 17 (SeeNews) - Media group Lagardere said on Tuesday it will sell its radio businesses in Romania to Czech Media Invest.
Apart from businesses in Romania, Legardere is also selling radio stations in the Czech Republic, Poland and Slovakia, it said in a press release. The selling price of all assets is 73 million euro ($90 million) for consolidated revenue of around 56 million euro in 2017.
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The French group entered the Romanian market in 1996 and currently operates three local radio stations - Virgin Radio, Europa FM and Vibe FM.
This transaction is the first in a series of disposals concerning Lagardere 's active assets within the scope of a strategic redeployment announced in March, the company said.
This acquisition will support Czech Media Invest's growth strategy in the media segment, adding a new media type based on strong radio brands in those countries, it added.
The closing of the transaction is mainly subject to clearance from the local regulatory authorities in the countries concerned.
The Lagardere group is active in content publishing, production, broadcasting and distribution and is structured around four business lines: Books and e-books, Travel retail, Press, audiovisual, digital and advertising sales brokerage and Sports and entertainment.
Lagardere shares are listed on Euronext Paris.
Czech Media Invest is an industrial operator of media in the Czech Republic, with four daily titles, numerous magazines and online domains. The company also owns two printing plants and is active in publishing and press distribution with over 18,000 delivery points.
($=0.8086 euro)