Simicska and Nyerges sell Class FM

May 23, 2016

simicska_GRIDfekvo

Several Hungarian news sites (including Index.hu and 444.hu) report that Advenio Zrt., the company that owns Hungarian radio station Class FM, has been sold to Sláger Rádió Zrt. and Marquard Média Hungary.

Sláger Rádió Zrt. and Marquard Média Hungary now hold 85 percent and 15 percent of the company, respectively. Advenio Zrt. was previously owned by Hungarian oligarchs Lajos Simicska and Zsolt Nyerges. The new owners hope Class FM’s broadcast frequency license will be extended by Hungary’s media authority.

According to Index, Sláger Rádió executive Michael McNutt spoke on Monday and said his company had not met with Prime Minister Viktor Orbán or any other politician to discuss the transaction. McNutt also pointed out that his company is well aware Hungarian media has not been independent since the fall of communism.

He did not disclose the purchase price.

According to 444.hu, Class FM pulls in a daily audience of around 2.8 million — more than one-quarter of Hungary’s population.

McNutt told reporters that Class FM’s brand will remain unchanged and the radio station will not take on a political role, but will instead focus on the music market.