November 28 (SeeNews) - Luxembourg-based United Media Group said on Monday it has acquired a 71% stake in Slovenian publishing house Adria Media.
The price of the deal was not disclosed.
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United Media has received the approval of the competent regulatory bodies for the deal, it said in a statement published on its website.
"They [Adria Media] own the fastest growing digital portfolio, which is currently ranked third among all portals in Slovenia," the executive director of United Media, Aleksandra Subotic, was quoted as saying.
"We will continue to develop what is already a very successful business and through this partnership and new investments we will reach a new audience,” she added.
Adria Media is a publishing house with a portfolio of national and international print and digital brands, such as Metropolitan, Avto Magazin, Govori se, Aktivni, Cosmopolitan, Elle, Sensa and Story.
United Media operates in eight countries and its portfolio includes 58 television channels, 28 portals, six printed editions and five radio stations.