Financial reports submitted by Magyar Idők Kiadó Kft., publisher of the pro-government daily Magyar Idők, show that the company will be sold to MediaWorks Zrt., the massive publishing house acquired by Lőrinc Mészáros in 2016, hvg.hu reports.
According to the filings, cash reserves at Magyar Idők Kiadó Kft. – some HUF 76.8 million (USD 280,000) – will be spent on severance packages and paying employees for unused vacation time.
Lőrinc Mészáros, the man many claim is Prime Minister Viktor Orbán’s personal financial front man, swept through Hungary’s media landscape like a tornado over the past year, and now publishes in excess of 190 national and county newspapers. He also recently acquired pro-government television station EchoTV.
Magyar Idők, like other pro-government publications in Hungary, is heavily subsidized by state advertising funds. In 2016, Magyar Idők was able to increase its revenues by HUF 1.5 billion (USD 5.5 million) thanks to state advertisements, despite racking up a HUF 340 million (USD 1.2 million) loss just one year earlier.