(Update adds details about the management contract and about the measures planned by Asesoft group in the last paragraph)

Romanian company Asesoft group has taken over the management of Realitatea Media group and plans to invest EUR 75 million in the group in the following five years, according to Asesoft.  Realitatea Media was controlled by media mogul Sorin Ovidiu Vantu. Realitatea Media runs Realitatea TV, The Money Channel TV station, as well as several media products in print.

"Asesoft is confident that the EUR 75 million investment it will make in the next five years in modernizing and developing Realitatea Media's international operations will generate a profit rate of about 35 percent," according to the company. Asesoft has recently bought IT&C retailer Flanco.

Asesoft group was set up in 2002 by businessman Sebastian Ghita. In 2009, Asesoft Distribution took over 51 percent of online IT&C retailer eMAG.ro. The company is part of the Asesoft group of companies, which also includes Asesoft International, Asesoft Net for web applications, Asesoft Smart, for audio-video solutions and Teamnet International, which supplies IT solutions for companies.

Asesoft Distribution posted USD 140 million in turnover last year, up 10 percent on the previous year.

UPDATE: media owner Sorin Ovidiu Vantu will remain shareholder in the group. Asesoft Group will pay the due salaries and increase them by 7 percent, according to Romanian media.

The contract between Asesoft group and Realitatea Media was signed for five years. Romania media was previously pointing to Romanian investor Cristian Burci, who allegedly wanted to buy Realitatea TV.

editor@romania-insider.com