Clifford Chance is advising Czech Media Invest (CMI), a leading media group, on the acquisition of the regional radio assets of multinational media conglomerate Lagardère Group. The transaction, valued at €73 million on a consolidated revenue of around €56 million in 2017, includes popular, mainstream radio stations in the Czech Republic, Poland, Romania and Slovakia. The closing of the transaction is subject to competition clearance from the local regulatory authorities in the countries concerned.
The acquisition supports CMI's growth strategy in the media segment, adding radio broadcasting to its current publishing activities. The radio stations are among the most well-known brands in each of the countries and include, among others Frekvence 1, Evropa 2/Europa 2, Europa FM, Radio ZET, Radio Bonton, Antyradio and Vibe FM.
CMI is the number one industrial operator of media in the Czech Republic, with a readership of almost 3.5 million and more than 6.5 million internet visitors to its online domains. The company also owns printing plants in Prague and Ostrava and is a leader in book publishing and press distribution.
The Clifford Chance team is made up of lawyers from its Prague, Bucharest, Warsaw and Paris offices. Led by Prague's managing partner Alex Cook, primarily assisted by senior associate Stanislav Holec as executive lawyer, the transaction team further includes Laurent Schoenstein and Xavier Petet in Paris, Krzysztof Hajdamowicz, Zuzanna Potoczna and Aleksandra Wlaszczuk in Warsaw, and Mihai Macelaru, Radu Costin and Claudia Grosu in Bucharest.