Romanian businessman Sorin Ovidiu Vantu owner of media trust Realitatea has concluded negotiations with press group Catavencu for the majority of shares package. The purchase is among the most spectacular on the Romania media market and finds its reason, according to the former and new owners, in the similar publics of the two media groups, and the force of the new media trust.

The new media group expects to conclude 2006 with 30 million Euros turnover and plans to become one of the most important in Romania.

All share holders of the Catavencu group, Regent House, Catavencu editorial staff and Sorin Matei, sold their shares and our target is now to successfully develop the new group, Doru Buscu editor in chief of Academia Catavencu and director of Cotidianul stated for Hotnews.

The general manager of Realitatea Media Sorin Enache foresees one of the most spectacular development in the coming 2-3 years on the media market.

The group will comprise the TV and print divisions, but also a new online product “New Media” that will offer information in real time.

The press group Catavencu publishes the daily magazine Academia Catavencu, the daily Cotidianul and the specialized magazines Aventuri la pescuit, Superbebe, B-24-Fun, Investitii si profit, Le Monde Diplomatique and also comprises the radio network Guerrilla.

The businessman Ovidiu Vantu's name is linked to several financial scandals, amongst which the National Investment Fund (FNI). The business collapsed, and more than 300 thousand Romanians lost around $ 200 million. Sorin Ovidiu Vantu has been accused of defrauding investors but has never been sentenced, unlike his close allies.

Vantu recently bought Realitatea Tv, opened a new business chanel The money channel, and a press agency.