This, reports BBJ, is a centralised pro-government media conglomerate.
Quoting the Associated Press (AP) and index.hu, it adds that the foundation’s assets will include cable news channels, internet portals, tabloid and sports newspapers, all of the country’s regional newspapers, several radio stations and numerous magazines.
In the broadcast sector, Hir TV and Echo TV will be part of the foundation.
However, the several owners have objected to the Hungarian Competition Authority (GVH) about the procedure.
The total value of the donated media assets is reported to be up to $100 million.