XM Owner Buys Cyprus’ Oldest Newspaper in Expansion

Costas Cleanthous, co-founder and majority owner of the international CFD broker XM, has acquired full control of the Phileleftheros media group, the oldest and largest Greek-language newspaper publisher in Cyprus. The move follows a series of recent high-profile investments by Cleanthous across multiple sectors in Cyprus.

According to a report, Cleanthous purchased the media company in a personal capacity. Specific terms of the deal, including financial details, have not been disclosed.

Phileleftheros, founded in 1955, continues to play a major role in Cypriot media, publishing the daily Phileleftheros and the football-focused Goal News. The company also produces eight magazines that cover areas such as fashion, food, business, and design. Notably, it holds local publishing rights for Insider and Forbes Cyprus.

In addition to its print operations, the Phileleftheros group operates thirteen websites, including digital editions of its newspapers and dedicated platforms for its magazines.

XM Owner Buys Cyprus’ Oldest Newspaper in Expansion

This media acquisition is the latest in a growing list of ventures Cleanthous has undertaken outside of the brokerage industry. Also, in April, he initiated the acquisition of a 55% stake in Ancoria Bank, which would give him a controlling interest in the financial institution. Cleanthous conducted that deal independently of XM, and businessman Charalambos Panayiotou plans to acquire an additional 25% of the bank.

Before initiating the acquisition, both Cleanthous and Panayiotou reportedly held less than 10% of Ancoria Bank’s shares combined. The transaction is expected to result in an 80% joint stake.

Further expanding his presence in the country’s business landscape, Cleanthous also recently acquired the Forest Park Hotel in Platres, a historic property that has operated since 1936.

Cleanthous has not made any public statements regarding his plans for Phileleftheros, Ancoria Bank, or the Forest Park Hotel. Cleanthous made all three acquisitions in a personal capacity, not under XM’s umbrella, signaling his growing interest in key sectors of the Cypriot economy.

The media, banking, and hospitality industries each play significant roles in the national landscape, and Cleanthous’ entry into all three signals a noteworthy shift for the entrepreneur.

For now, he has not revealed the direction he plans to take with these assets.

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