A Hungarian entrepreneur critical of Viktor Orban is acquiring a minority stake in the Polish publisher of influential newspaper Rzeczpospolita weeks ahead of a tightly contested national election.
Zoltan Varga, who owns one of Hungary’s largest independent media groups, is buying a 13.43% stake in Gremi Media SA from Amsterdam-based Pluralis BV. The stake carries voting rights of more than 20%. Pluralis, which invests in media companies with the backing of pro-democracy funds, will remain the group’s largest shareholder.
The size of the investment was not disclosed, but Bloomberg calculations based on previous transactions estimate it at around €8 million . “Our mission is to fight fake news, and we are happy to deploy our Hungarian knowledge in the Polish market,” Varga said in a statement to Bloomberg. “We will be an active shareholder in Gremi to provide the necessary financial support and expertise.”Poland ranked 57th in this year’s world press freedom index, between Kosovo and Burkina Faso, but above Hungary, which came in at 72nd.