Costas Cleanthous, co-founder and majority shareholder of the CFDs broker XM, has expanded his business portfolio by acquiring Phileleftheros, Cyprus’ oldest and most prominent Greek-language newspaper group. The purchase appears to have been made in his personal capacity, further diversifying his investments beyond the financial sector.
Legacy of Phileleftheros
Founded in 1955, Phileleftheros stands as the largest and longest-running Greek-language newspaper in Cyprus. The group continues to print its flagship daily newspaper, as well as a sports-focused daily. Its influence extends into magazine publishing, with eight titles covering topics from fashion and food to business and design. Among these are local editions of well-known international magazines, including Insider and Forbes Cyprus.
Phileleftheros has also adapted to the digital age, operating thirteen websites that feature digital versions of its newspapers and other online content, ensuring its continued relevance in the modern media landscape.
Details of the XM Acquisition of Phileleftheros
While Costas Cleanthous has secured a controlling stake in the publishing group, the financial details and specific terms of the deal have not been made public. His future plans for the media house also remain undisclosed.
Expanding Business Interests
This acquisition follows Cleanthous’ recent efforts to gain a controlling interest in Ancoria Bank, a significant financial institution in Cyprus. Together with business partner Charalambos Panayiotou, he is set to acquire a combined 80% stake in the bank, with Cleanthous holding 55% and Panayiotou 25%. These investments are personal ventures and are not connected to XM.
Beyond finance and media, Cleanthous has also acquired the historic Forest Park Hotel in Platres. The hotel, which first opened its doors in 1936, is now set for revitalization under his ownership, aiming to blend its storied past with modern hospitality standards.
Commitment to Cypriot Heritage
Cleanthous’ recent acquisitions reflect a clear strategy of investing in Cypriot institutions that hold significant cultural and historical value. By taking ownership of Phileleftheros, Ancoria Bank, and the Forest Park Hotel, he is positioning himself as a key figure in preserving and advancing locally owned enterprises that are central to Cyprus’ heritage and economy.