PPF Ends Czech Media Project

After a little more than a year of working on a hyperlocal media project in the Czech Republic, PPF Group has closed it down and sold the company’s media division to investor Richard Benysek. Naše Adresa, or “Our Address”, was PPF’s attempt to redefine the collection and distribution of news information in seven Czech regions.

The project was started in May of last year with 23 websites and 7 weekly print publications. The goal was to eventually produce 230 publications and 700 web sites that would reach most of the country. PPF, which invested a hefty €8.05 million in Naše Adresa, claims the project didn’t meet its investment goals. The international, privately-owned investment firm recently altered its investment rules to focus on larger transactions worth at least €100 million. PPF usually invests in consumer banking, direct investment, and real estate projects in the CEE region and Asia.