PRAGUE (AP) — Swiss-German Ringier Axel Springer Media AG publisher says it is selling its Czech media operations to two local businessmen in a deal worth 170 million euros ($232 million).
The company says Daniel Kretinsky and Patrik Tkac will take over Ringier Axel Springer CZ, one of the biggest media companies in the Czech Republic. It publishes two major tabloid newspapers, a sports daily and a number of popular magazines. Its shares in a newspaper distribution business are also part of the deal.
Mark Dekan, Ringier Axel Springer Media's chief executive, said in a Friday statement that the company wants to focus on its activities on Poland, Serbia and Slovakia, where it has a leading position in digital media.
The deal is subject to the approval of local regulators.