Draft:Zoltán Varga (entrepreneur)

Zoltán Varga (born in Bonyhád, Hungary) is a Hungarian entrepreneur, investor, and media executive. He is the founder, CEO, and Chairman of Central Media Group, one of the largest independent media companies in Hungary. Varga is known for his investments across Central and Eastern Europe, particularly in the media sector, and his advocacy for press freedom and democratic values in the region.

Early life and eduation

Zoltán Varga was born in Bonyhád, Hungary, into a working-class family. He was the first in his family to achieve higher education. Varga began his entrepreneurial journey while still in secondary school, selling newspapers and magazines at Lake Balaton. By his third year of high school, he was already running an enterprise with 80-90 university students working for him.

Varga graduated from the Faculty of Business and Economics of the University of Pécs.

Career

Early Career

Varga began his professional career at the newly reopened Budapest Stock Exchange in 1989. In 1991, he joined Credit Suisse First Boston (CSFB), where he worked in their London and New York offices for a decade. He served as the head of the sales and trading department at CSFB until 2001.

Entrepreneurship and investments

After leaving CSFB, Varga launched his own investment business in 2001. His initial success as a private investor was with Budapesti Ingatlan Hasznosítási és Fejlesztési Zrt., a company listed on the stock exchange.

A major breakthrough in Varga's career came with his early investment in Wizz Air. He was the first outside investor after the six original founders, despite the high risk associated with new airlines at the time. This venture became a significant success, and Varga remains a major shareholder in Wizz Air. He has since expanded his airline investments to include several Latin American airlines.

In 2004, Varga established Central Group. The company's first venture capital fund, Central Tertius, focused on turning around large-scale companies in difficult situations. This was followed by the Centech Fund in 2008 and the Conor Fund in 2012, which specialized in startup financing and venture capital investments.

Central Media Group

In 2014, Varga expanded his business interests by acquiring Central Médiacsoport Zrt. (Central Media Group), one of Hungary's largest independent media companies. Under Varga's leadership, Central Media Group has become a significant player in the Hungarian media landscape, operating various print and digital media outlets.

Central Media Group's portfolio includes some of Hungary's best-known brands in entertainment, informative, and lifestyle magazines, as well as digital products. Notable brands include Nők Lapja, National Geographic, nlc, Marie Claire, 24.hu, Nosalty, Vezess, Gyerekszoba, and Házipatika. The company reaches over 6 million people a month through 14 print magazines, more than 20 special editions and book magazines, and 19 online publications.

In addition to news outlets and magazines, Varga has expanded into book publishing. He owns a consolidated publishing house comprising three publishing companies.

Expansion across Central and Eastern Europe

Varga has been actively expanding his media investments across Central and Eastern Europe, aiming to build a regional media holding that champions freedom of speech and democratic values.

In September 2023, Varga made a significant move into the Polish media market by acquiring a 13.43% stake (carrying 20.38% voting rights) in Gremi Media S.A., the publisher of the prominent Polish newspaper Rzeczpospolita and the business daily Parkiet.

Central Media is also a major investor in REFRESHER, a media brand targeting millennials and Generation Z, with operations in Hungary, Czechia, and Slovakia.

Varga has also invested in education initiatives in the region, including WSIP in Poland and Redmenta, a knowledge digitalization and distribution company.

Views on media independence

Varga is known for his strong stance on media independence and has been critical of what he perceives as government pressure on independent media in Hungary. He has expressed concerns about the challenges faced by independent media outlets in the country, particularly regarding the allocation of state advertising and regulatory pressures.

In a 2020 interview with Politico, Varga warned about the increasing difficulties for independent media in Hungary, stating that the government was "bent on muzzling the last of the country's independent media outlets".

Varga's commitment to independent media has led to him being labeled as an Orban critic and a Hungarian opposition figure. However, his vision extends beyond national borders, aiming to build an independent Central European media holding that advocates for free speech and democratic values throughout the region.

Philanthropy

Varga is known for his philanthropic activities. He has established a Mathematics foundation in his birth city of Bonyhád. He is also a supporter of several foundations, including Bátor Tábor and Mosoly Alapítvány. Notably, he is the largest private supporter of the Budapest Festival Orchestra.

Awards and recognition

On October 4, 2024, Varga was honored with the prestigious GLOBSEC European Business Award at the Tatra Summit 2024 Gala Dinner. The award recognizes his significant contributions to promoting unity and strength across Europe, particularly during challenging times. GLOBSEC lauded Varga's leadership in shaping independent media and business innovation across Central and Eastern Europe.

Controversies

In 2021, it was reported that Varga was among the targets of the Pegasus spyware, allegedly used by the Hungarian government to surveil journalists, businessmen, and opposition figures. This incident raised concerns about press freedom and privacy in Hungary.