Rockaway Capital becomes the majority shareholder in the Euromedia Group by buying Czech Media Invest’s share
The Rockaway Capital investment group has reached an agreement on the purchase of a 50 percent share of Euromedia Group, the largest domestic player on the book market and the owner of the Luxor bookstore chain, which was held by Czech Invest, owned by Daniel Křetínský, Patrik Tkáč, and Roman Korbačka. Both parties declined to comment on the size of the transaction.
Rockaway Capital bought shares in Euromedia Group at the start of 2017 aiming to help digitalize another traditional sector, which the book market certainly is. Four years later, the current transaction, which is subject to approval by the Office for Protection of Competition, means that Rockaway Capital will become the majority shareholder of the Euromedia Group that controls 100 percent of the company.
“We reached an agreement with our existing partners to purchase their share, because we believe in the book segment, which not for the Covid-19 pandemic Euromedia would have also confirmed last year. What’s more, the reason why were bought a share in the company still applies – thanks to digitalization we see it as having great potential, now and in the future,” says Rockaway Capital’s spokesman Pavel Kalouš.
Along with the Luxor bookshop chain, Rockaway Capital is gaining full control of publishing brands such as Knižní Klub, Ikar, and Universum, or the largest book wholesaler in the Czech Republic. “What’s key for me is that from Euromedia’s perspective nothing is changing. I feel a strong mandate from the shareholder and see the current transaction as confirmation of recent changes in management,” adds Euromedia Group CEO František Mala, who took charge of the group at the start of this year.