Agora purchase of Proszynski part of larger plan to create media empire

Agora, the publisher of Poland's largest daily newspaper Gazeta Wyborcza, has signed an initial contract to purchase publishing house Proszynski i S-ka - Czasopisma. The investment will make Agora the owner of some of Poland's most profitable magazines, such as Poradnik Domowy and Cztery Katy, which last year brought zl. 14.8 million each in advertising revenue. "Finalization of the transaction depends on permission from the Competition and Consumer Protection Office (UOKiK), which has two months to make the decision," said Agora board member Zbigniew Bak. Neither side revealed the value of the transaction, but according to analysts quoted by Parkiet, the deal is worth around zl. 100 million. Agora's purchase of Proszynski is another step in the company's plan to create a media conglomerate, in which the company plans to invest as much as zl. 1.5 billion. (Prawo i Gospodarka, p. 3; Parkiet, p. 3; Puls Biznesu, p. 5) A.K.