published: 23.12.2013, 15:57 | updated: 23.12.2013 16:01:41
Prague - Media concern Sanoma has sold its operations in the Czech Republic to publisher Astrosat, a joint venture of companies Vltava-Labe-Press (Verlagsgruppe Passau) and RTV media group, at an undisclosed price, Sanoma said in a press release today.
Sanoma publishes life-style and women's magazines and the National Geographic magazine, for example, in the Czech Republic.
Media had speculated about the sale of the Czech Sanoma for some time before the transaction was announced.
Sanoma said it had sold companies Sanoma Media Praha, Sanoma CZ and Websitemaster as part of the deal.
The sale is in line with the strategy of the Sanoma concern that focuses on the concern's main markets and the sale of selected subsidiaries. The transaction means that Sanoma is leaving the Czech market.
Sanoma generated sales of EUR17m (about Kc469m) in the Czech Republic in 2012.
Sanoma Media Praha is one of the biggest publishing houses in the Czech Republic as its magazines are read by over 1.5 million readers every month. Websites operated by the company are visited by two million unique visitors a month.
Sanoma Media Praha is part of company Sanoma Media Russia & CEE (SMRCEE), controlled by Finnish media concern Sanoma. Sanoma Media Russia & CEE is responsible for Sanoma's media activities in Central, Eastern and South-Eastern Europe.
Sanoma Media Praha generated a loss of Kc90.7m last year, the result being roughly the same as a year earlier.
Finnish media group Sanoma has announced it is planning to cancel magazines and lay off staff because readers and advertisers increasingly often switch from printed to digital media.
The company said at the end of October it wants to cancel 32 from its 250 magazines and sack 570 from its 10,000 employees.
The Czech Sanoma was established in 1968 under the name MONA as a publisher of women's magazines.
The company was taken over by Dutch publishing group VNU in 1992. Ten years later, it became part of the Finnish media group Sanoma as Sanoma Magazines Praha.
Sanoma Magazines Praha changed name to Sanoma Media Praha in 2011.
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