Albanian company Kastrati SA, owned by one of the country’s most powerful businessmen, has withdrawn from the purchase of Euronews with a price of EUR 2.37 million.
Documents filed at the National Business Centre on 6 July show that the parties agree to cancel the contract and the shares will be returned to the previous owner Theodhoro Cami.
Euronews Balkans was formed in 2018 through a franchise between Inter Media Group and Euronews which is based in France. The Albanian company was granted the right to use the name, format, and materials of Euronews in Albania and other Albanian-speaking countries.
Shefqet Kastrati, the man behind Kastrati SA has interests in fuel, road infrastructure, tourism, and construction, and runs the country’s two airports.
No reason was provided for the revocation of the contract.
Inter Media has been operating at a loss according to its balance sheet which showed that in 2020 the company had 724 million in assets but -49.7 million capital meaning the initial capital was spent to cover losses over the years.
Analysis by BIRN showed that at the end of 2020, the company only held 4.75 of the country’s advertising market.
