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Est Media Declines Most in Three Months on Festival Stake Sale

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July 18 (Bloomberg) -- Est Media Vagyonkezelo Nyrt., a Hungarian entertainment company, fell the most in three months after agreeing to sell a stake in the country’s biggest outdoor festival to its minority owners.

The shares dropped 15 percent to 23 forint by 9:22 a.m. in Budapest, the biggest slump since April 11 and the worst performance on the 11-member BUX index.

Est Media signed the deal to sell a 49 percent stake in Sziget Kft. after a public tender to dispose of the asset failed, the company said in a statement to the Budapest Stock Exchange yesterday, when the stock was suspended pending the announcement.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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