Swiss Ringier Sells Two Romanian Papers To Local TV Network

Ringier Romania, the local division of the Swiss publishing group, has sold daily Evenimentul Zilei and weekly business magazine Capital to the newly-created Editura Evenimentul si Capital, whose majority shareholder is businessman Bobby Paunescu.

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Although he has denied it repeatedly, Paunescu is thought to be involved in the ownership of Romanian TV station B1 TV.

Ringier Romania said in a press release it sold the two publications to make its portfolio more efficient and use its resources to develop its portfolio online. The Swiss publisher also said the success of a TV show on B1 TV in collaboration with Evenimentul Zilei was the grounds for the sale of the two publications.

According to a press release from B1 TV, the parties have agreed the two publications would continue to use Ringier Romania for printing, distribution, advertising, human resources and IT maintenance services.

The value of the transaction ahs not been disclosed, but according to the website www.paginademedia.ro, the two publications were allegedly sold for over EUR8 million.

B1 TV was launched in December 2001 as a local station for Romania's capital Bucharest. According to the network's website, News Corporation bought 12.5% of B1 in 2004

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