Agora SA, the largest publisher in Poland, announced it will buy Centrum Filmowe Helios SA, the third-biggest cinema operator in the country, in order to reduce dependence on the newspaper advertising market, Bloomberg reported.

According to the company's e-mailed statement Tuesday, Agora signed a preliminary agreement to acquire 84 percent of Helios for 25 million euros, or US$34 million.

"We are entering the cinema market, which has significant growth potential. Compared with other European Union countries, Poland has relatively low per capita ticket sales," said Agora Deputy Chief Executive Officer Zbigniew Bak in the statement. "

Agora, which publishes the nation's leading non-tabloid daily, had suffered from the declining advertising and circulation, but it has tried to focus on the Internet and other non-print media, and have already seen some successes, according to the Reuters articles posted on Interactive Investor.

According to UniCredit analyst Przemyslaw Sawala-Uryasz, "This means entering a market far less correlated with the media and advertising markets. I do not see this as a move to broaden the advertising base but as a move to diversify revenue."