Zdeněk Bakala, the new majority owner of the publishing house Economia wants Hospodářské noviny and other periodicals put out by Economia to continue developing. He is not ruling out more acquisitions or expanding to new markets – this despite his expectation that the global financial crisis will have an impact even on Czech media.
“The crisis will not create just problems, it can also bring opportunities for companies to acquire weaker competitors,” said Bakala Tuesday during his first meeting with the employees of Economia.
“Investing in Economia was not just a business venture from which I as an investor expect to make a profit. It is also an emotional investment,” said Bakala. He said he considered it important that the company stays in Czech hands. “It was an opportunity to help an independent publishing house survive and have a future,” he added.
He ruled out that he would influence the company in any way. “That would quickly devalue the investment because no one would want to advertise in or buy a paper that is not independent,” said Bakala. He wants Hospodářské noviny to remain a respected periodical and retain the prestige it has built up.
In the future, Bakala plans to invest in the company’s online activities. He also said the company could begin expanding into television broadcasting.
“Right now we don’t have any concrete acquisition project staked out. But it will depend on what opportunities come up,” said Bakala.
Bakala does not want to limit himself just to the Czech and Slovak markets when it comes to possible acquisitions. He mentioned that if opportunities arise, he would be interested in entering the Polish or Hungarian markets as well. He also plans to add the weekly magazine Respekt to Economia’s portfolio. Bakala is now the majority owner of Respekt. The magazine will remain an independent periodical.
Bakala acquired Economia, as well as the Slovak publishing house Ecopress, through his company Respekt Media from the German company Handelsblatt Verlagsgruppe. He belongs among the richest Czechs and indirectly controls two-fifths of the shares in the mining company NWR, one of the biggest industrial groups in the Czech Republic.
