The Czech Media Invest (CMI) group, co-owned by Czech entrepreneur Daniel Křetínský, has acquired a stake of about 4.07 percent in German television and radio company ProSiebenSat.1 Media. CMI said this was the first step in a new strategy of buying minority shares in European media companies.
“This investment for CMI also brings a diversification element, after investing heavily in printing, including digital assets, and entering the radio market, also investing in linear nationwide television, which, along with the Internet, is the dominant format in the advertising market,” CMI said.
Křetínský has a half share in CMI. Other co-owners are Patrik Tkáč with 40 percent and Roman Korbačka with 10 percent. This year, Daniel Křetínský and Tkáč made an unsuccessful attempt to take over the German trading company Metro through their investment group EP Global Commerce (EPGC).
CMI publishes four dailies and several dozen magazines in the Czech Republic. He also owns radio stations in the Czech Republic and Romania. Since last year, the CMI Group has also been the owner of several French press magazines and has also bought a share in the prestigious daily Le Monde.
“We welcome every investor and consider this a confirmation of our strategy,” ProSiebenSat.1 said in a statement to Reuters. The company is now working on expanding its e-commerce business to compensate for weak advertising revenue from television activities.