PPF Group finds an investor for its media project in the regions
08/27/2010
PPF Group has executed an agreement with investor Richard Benýšek who is purchasing PPF Media from the Group. The change of owner is effective as of today and the firm’s name and governing bodies will change subsequently. The details of the transaction will not be disclosed based on an agreement between the parties.
Having analyzed an approximately year-long pilot phase, PPF Group evaluated the hyper-local news service media project and decided not to participate in it anymore. A new investor who has shown interest in the project known as Our Address will replace PPF Group in the project.
PPF Group’s decision to divest PPF Media is motivated primarily by the newly conceived investment rules, which reflect the Group’s preference of larger, consistent investments of at least EUR 100 million in value. The pilot project, during which PPF Media operated hyper-local news service Internet sites and issued the associated weeklies in seven regions of the Czech Republic did not meet the commercial return parameters targeted by PPF Group.
Evžen Hart, a member of PPF’s top management and Chairman of the Board of Directors of PPF Media, said: “Evaluating the funds invested is the duty of every investor. PPF Group is very demanding of itself in this respect. It is leaving smaller projects to focus on larger capital interests today. PPF Media’s team started the regional website and newspaper network with a great deal of energy, a project that was unique and much imitated in the Czech Republic. Thanks for these efforts are due to the top-notch media professionals whom Roman Gallo brought together for Our Address project.”
Having analyzed an approximately year-long pilot phase, PPF Group evaluated the hyper-local news service media project and decided not to participate in it anymore. A new investor who has shown interest in the project known as Our Address will replace PPF Group in the project.
PPF Group’s decision to divest PPF Media is motivated primarily by the newly conceived investment rules, which reflect the Group’s preference of larger, consistent investments of at least EUR 100 million in value. The pilot project, during which PPF Media operated hyper-local news service Internet sites and issued the associated weeklies in seven regions of the Czech Republic did not meet the commercial return parameters targeted by PPF Group.
Evžen Hart, a member of PPF’s top management and Chairman of the Board of Directors of PPF Media, said: “Evaluating the funds invested is the duty of every investor. PPF Group is very demanding of itself in this respect. It is leaving smaller projects to focus on larger capital interests today. PPF Media’s team started the regional website and newspaper network with a great deal of energy, a project that was unique and much imitated in the Czech Republic. Thanks for these efforts are due to the top-notch media professionals whom Roman Gallo brought together for Our Address project.”