April 17, 2018 / 8:00 AM / 5 months ago

UPDATE 1-Lagardere sells east European radio assets to Czech media group

(Adds buyer comment, details)

PARIS/PRAGUE, April 17 (Reuters) - Lagardere, the French media group whose assets include Paris Match magazine and Europe 1 radio, said on Tuesday it was selling some eastern European radio assets to energy investor Daniel Kretinsky’s Czech Media Invest.

Lagardere said it was selling radio assets in the Czech Republic, Poland, Slovakia and Romania, part of a broader strategy to dispose of non-core businesses to improve cash flow. It said the sale price was 73 million euros ($90 million).

Czech Media Invest said the assets - which include top radio stations like Evropa 2 and Frekvence 1 in the Czech Republic and Radio Zet in Poland - had consolidated revenue of 56 million euros in 2017 and would help it expand in radio.

The Czech media group is the publisher of the Czech Republic’s top-selling tabloid Blesk and three other daily papers, and several magazines.

It is 50 percent owned by Kretinsky, whose EPH energy group has become a major player in European power in recent years, buying plants in Germany, Italy and Britain from western utilities to bet that coal-fired sources will still play an important role despite the sector’s shift to renewables.

Investors Patrik Tkac and Roman Korbacka own the remaining shares of Czech Media Invest.

$1 = 0.8073 euros Reporting by Sudip Kar-Gupta and Jason Hovet; Editing by Mark Potter

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