Key facts
- Nepszabadsag, a leading left-wing Hungarian newspaper, relaunched on Thursday as an online news site and weekly magazine.
- The newspaper was abruptly closed in 2016 by its former owner, Mediaworks.
- The relaunch is funded by four Hungarian businessmen primarily involved in real estate investments abroad.
- The new outlet will employ approximately 90 staff members, many of whom are former employees of Nepszabadsag or Nepszava.
- The investors acquired Nepszava and rights to the Nepszabadsag brand last month.
- The outlet plans to break even through advertising revenue and subscriptions within two years.
Nepszabadsag, a prominent left-wing Hungarian newspaper that was shut down in 2016, has relaunched as an online news site and weekly magazine. The closure a decade ago was seen by staff as a blow to media diversity under former Prime Minister Viktor Orban's tenure.
The newspaper, founded in 1956, was abruptly closed by its then-owner Mediaworks, which cited financial losses. Staff at the time believed the decision was influenced by their coverage of Orban, noting that Nepszabadsag was Hungary's best-selling daily paper.
The relaunch is funded by four Hungarian businessmen primarily involved in real estate investments abroad. Akos Toth, the new Editor-in-Chief, told Reuters that independent journalism in Hungary needs to return to a classic, news-based approach, asking questions rather than stating opinions. He added that the investors are transparent and saw a business opportunity in reviving the recognized brand now that Orban is out of power following his April election defeat.
Critics have stated that media pluralism eroded during Orban's 16 years in power, with state media coming under tighter government control and several private outlets being shut down or acquired by pro-government owners. Orban's government denied exerting pressure on the media and asserted that Hungary met European Union standards on media freedom.
The new outlet will employ about 90 staff members, many of whom are former employees of Nepszabadsag or the left-wing daily Nepszava, which ceased its print edition in May. The investors acquired Nepszava and the rights to the Nepszabadsag brand last month, committing to finance operations for two years with plans to achieve break-even through advertising revenue and subscriptions.
However, market challenges persist. Agnes Urban of the think tank Mertek Media Monitor noted that Hungary's media market is heavily affected by state advertising channeled to political allies, and market-based advertising money has not replaced it. Companies are reportedly more interested in advertising near entertainment content than politics and news, making it a tough scene for a startup like Nepszabadsag after a 10-year hiatus.