XM Co-Founder Costas Cleanthous Acquires Cyprus Phileleftheros Media Group

Costas Cleanthous, who co-founded and is the main owner of the well-known Forex trading platform XM, has recently moved into new territory outside of finance. He has bought a controlling share in Phileleftheros, Cyprus's biggest and oldest Greek-language newspaper group, as reported by Cyprus Times. This purchase shows a significant expansion of Cleanthous's business interests, moving him from Forex trading into the media world.

A Key Media Business in Cyprus

Phileleftheros, which started in 1955, is a highly respected and leading Greek-language newspaper in Cyprus. The group not only publishes its main physical newspaper but also puts out a daily newspaper focused on football. Beyond newspapers, the Phileleftheros group runs eight magazines that cover various topics like fashion, food, business, and design. This includes local versions of famous international magazines such as Insider and Forbes Cyprus. The group has also embraced the digital age, running thirteen websites that offer online versions of its print publications.

While the exact financial details and terms of this deal are not public, it's clear that Cleanthous bought the media group on his own, separate from his work at XM. His plans for the future of the publishing company have not yet been shared with the public.

Growing Interests Beyond Forex Trading

This latest purchase comes after Cleanthous's recent important investments in other major Cypriot businesses. Earlier this year, he moved to buy about 55 percent of Ancoria Bank, becoming its main shareholder along with businessman Charalambos Panayiotou, who bought 25 percent. Together, they now control 80 percent of the bank's shares. It's worth noting that this banking deal was also a personal investment and had no connection to XM's trading operations.

In addition, Cleanthous has bought the historic Forest Park Hotel in Platres, a famous property that has been open since 1936. These actions show his broader goal of keeping important national assets in Cypriot hands and spreading his investments beyond the Forex trading business.

About XM

XM, which was founded in October 2008, has grown from a new company into a globally recognized Forex trading platform, serving over 10 million clients in 190 countries. Cleanthous and his co-founders initially faced problems getting money, but they overcame these with help from friends and family. Today, XM is one of the most successful international companies to come out of Cyprus, offering many financial services and trading chances to individual and large clients.

Even though Cleanthous is deeply involved with XM, his recent purchases in banking, media, and hotels are separate personal projects. This shows his desire to influence many different parts of Cyprus.

This smart move by Costas Cleanthous to invest in different areas highlights a changing trend where leaders in Forex trading, like XM, are expanding into traditional and digital media, banking, and hotels. It also shows a dedication to keeping important national assets under Cypriot control, which could have lasting effects on the island's economy and culture.

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