May 05, 2008, 12:18 CET
Magyar Telekom switches focus to online content
Magyar Telekom has sold its stake in television channel RTL to switch its attention to online content and services, writes Hirszerző.hu. Following the restructuring of a 50-50 joint venture with IKO Production, the telecommunications provider now claims to be Hungary's largest provider of interactive services.
The deal is expected to be signed off in Q4 2008, pending approval by shareholders and the competition authority. As part of the deal, Magyar Telekom will be spun off the online media units of the joint venture, plus Ft 2 billion (just under €8 million). In return, IKO production will receive the 31% stake in Magyar RTL Televizió, Hungary's largest commercial broadcaster.
The joint venture's media content and interactive divisions generated combined revenue in excess of Ft 2.8 billion in 2007.
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