CROATIA — U.S. billionaire George Soros took majority control of Croatia’s largest cable TV company, Digital City Media (DCM), Tuesday with a $5 million recapitalization through the Soros Investment Fund.
Before the recapitalization, Soros’ fund had a minority stake in the cabler, which it helped found in 2001. Soros has invested $7.5 million in DCM, raising the fund’s ownership stake to 59%.
DCM board prexy Gavin Ryan said the Soros’ fund will increase its investment to $50 million over the next five years as part of a strategic plan to enter Croatia’s cable telecom and Internet markets.
The Soros fund also owns cablers in Bulgaria and Serbia.