Acquisition of Nový Čas financed by J&T

The recent acquisition of the most popular Slovak tabloid, Nový Čas, sold by Swiss publisher Ringier Axel Springer to local businessman Anton Siekel, was financed by Poštová banka from the J&T group. The group finances TV Joj, a group of radio stations, as well as outdoor ad companies. A contract between Siekel and the bank was inserted into the lien registry, with a maximum amount of €70m, which is roughly the price Siekel paid for the daily. The weekly Trend says the bank in fact borrowed less, around €50m.

(etrend.sk)