William Malcolm

CITIC Sells Its Majority Stake In Medea To Soukup

China’s CITIC has sold its 55.8 percent stake in media company Médea to second shareholder Jaromír Soukup through Rainbow Wisdom Investments. They did not publish the price and conditions. As of today, Soukup has once again become CEO and Chairman of the Board of Directors. CITIC acquired a majority in Soukup’s company last year after increasing its originally 30% stake.

The purchase agreement was signed today. Its settlement will be completed in the coming days, Medea said. Today, the members of the statutory and other bodies of the company and management, nominated by Rainbow Wisdom, are leaving Médea. Marian Severa and Ladislav Jelínek will leave the Board of Directors, and Tomáš Bůzek and Marek Beitl will leave the Supervisory Board. The executive director Martin Konrád will also end.

The media agency Médea acts as an intermediary in placing advertisements between companies and the media. Soukup took it over in the late 1990s and built it as one of the main players on the Czech market. According to Nielsen Admosphere, advertising in the press last year was around 17 billion crowns, the volume of advertising on television exceeded 62 billion.