Maxwell Buys Stake in Hungarian Newspaper
British media magnate Robert Maxwell bought a 40% stake in one of Hungary’s leading newspapers, which was formerly state-owned.
The daily Magyar Hirlap (which means Hungarian newspaper) is a newspaper of 8 to 16 pages, costs eight cents (4.80 forints ) and has a circulation of 100,000 among Hungary’s 10.6 million people.
Mirror Group Newspapers, a subsidiary of Maxwell Communication Corp., signed the agreement Oct. 23--the day Hungary shed its Communist past and proclaimed itself an independent republic.
Deputy Editor-in-Chief Andras Tabori said that a purchase price for the stake had not been finalized but that Maxwell was expected to visit Hungary soon.
Tabori said a limited company, Magyar Hirlap PLC, was being set up and Mirror Group had agreed to supply up-to-date printing.
The remaining 60% stake will be shared among the government publishing house Pallas, the newspaper’s editorial staff and, possibly, Hungarian companies and banks.
As printing capacity increases, Magyar Hirlap PLC will join other Mirror Group companies in producing a planned new daily entitled the European, Tabori said.
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