XM Founder Makes Headlines: Buys Cyprus’ Oldest Newspaper

XM founder Costas Cleanthous buys Cyprus’ oldest Greek newspaper, Phileleftheros, after moves to take control of Ancoria Bank.

Key Points:

• Costas Cleanthous acquired a controlling stake in Phileleftheros in a personal capacity; terms of the deal remain undisclosed.
• The XM co-founder is diversifying his investments, recently moving to become the majority owner of Ancoria Bank and a historic hotel.

Costas Cleanthous, co-founder and majority owner of the contracts for differences (CFDs) broker XM, has acquired a controlling stake in Cyprus’ largest and oldest Greek-language newspaper, Phileleftheros. The acquisition comes shortly after his move to gain control of Ancoria Bank, further diversifying his portfolio beyond the brokerage industry.

XM Founder Makes Headlines: Buys Cyprus’ Oldest Newspaper

Founded in 1955, Phileleftheros holds a significant place in Cyprus’ media landscape as the country’s oldest continuously operating Greek-language daily. In addition to its flagship newspaper, the Phileleftheros group publishes a football-focused daily and eight magazines covering topics from fashion to business, including local editions of Insider and Forbes Cyprus. The group has also expanded into the digital sphere, operating thirteen websites alongside its print editions.

While the exact terms and financial details of the acquisition have not been disclosed, sources indicate that Cleanthous made the purchase in a personal capacity. His plans for the publishing group remain unclear for now.

Cleanthous’ media acquisition follows his high-profile bid to take a controlling interest in Ancoria Bank. In April, he and prominent banker Charalambos Panayiotou moved to acquire a combined 80% stake in the bank—55% and 25% respectively—after previously holding less than 10% of its share capital. Similar to the Phileleftheros deal, Cleanthous’ banking acquisition is also being made independently of XM.

His recent ventures suggest a broader ambition to diversify his investments within Cyprus. In addition to the bank and media group, Cleanthous has purchased the historic Forest Park Hotel in Platres, which first opened its doors in 1936.

Changing Dynamics in Cyprus’ Business Landscape

Cleanthous’ growing personal portfolio marks another major shift among Cyprus’ prominent entrepreneurs. It follows other significant local moves, such as Exness’ €75 million purchase of land from the Bank of Cyprus, indicating continued confidence in the island’s economy.

As Cleanthous expands from financial services into traditional media and hospitality, many industry watchers will be keen to see how these acquisitions shape both his business footprint and the future of Cyprus’ most influential media outlet.

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