Romanian media brand, sold in auction for over Euro 1.6M

Romanian media brand Academia Catavencu was sold during an auction organized on Thursdaty for over Euro 1.6M, being brought by newspaper’s editorial director, Doru Buscu.

According to Mediafax, Doru Buscu, director editorial Academia Catavencu, said the money he has to pay after the auction is over the financial possibilities he and his colleagues have and that he will need to find a partner.

“The amount is over the possibilities me and the other founding members (of Academia Catavencu) have. I wasn’t expecting this. I must find a partner”, Buscu said.

He also added that a part of the Euro 1.6M sum is represented by the money he and his colleagues got in 2007, when the main shares package in Catavencu Group was brought by Realitatea Media.

Buscu has 5 days to pay the Euro 1.6M for Academia Catavencu or he looses the auction participation deposit and the auction will take place again.

The auction for Academia Catavencu brand started at Euro 149,322 (no VAT).