XM’s Costas Cleanthous Buys Cyprus’ Oldest Newspaper

XM’s Costas Cleanthous acquires Cyprus’ oldest newspaper, Phileleftheros, expanding his ventures beyond finance and trading. Costas Cleanthous, best known as the co-founder and majority owner of international trading platform XM, is turning a new page — literally. In a surprising move beyond the finance world, Cleanthous has acquired full control of Phileleftheros, Cyprus’ oldest and most influential Greek-language newspaper.

The deal was made in his personal capacity and not through XM. While the exact terms remain under wraps, the acquisition adds a powerful media brand to Cleanthous’ growing portfolio of ventures across finance, real estate, and now journalism.

Phileleftheros, which first hit the presses in 1955, is more than just a newspaper — it’s a Cypriot institution. Known for its in-depth reporting and political influence, it remains the most widely circulated Greek-language paper on the island. Despite the digital age, the group still publishes physical newspapers, including a sports-focused daily.

But print is only part of the story. The Phileleftheros Group also runs 13 digital platforms and publishes eight lifestyle and business magazines — including local editions of Insider and Forbes Cyprus. From fashion to finance, the group covers it all, making it a media powerhouse in both traditional and modern formats.

XM’s Costas Cleanthous Buys Cyprus’ Oldest Newspaper

This media move follows another high-profile investment earlier this year: Cleanthous’ bid to become the majority shareholder in Ancoria Bank, alongside businessman Charalambos Panayiotou. If the deal closes as expected, the two will control 80% of the Cypriot bank — a major play in the local financial sector.

And the acquisitions don’t stop there. Cleanthous has also purchased the historic Forest Park Hotel in Platres, a mountain retreat dating back to 1936. While his plans for each property remain under the radar, the pattern is clear: Cleanthous is investing in deeply rooted Cypriot institutions, from the press to the mountains.

Cleanthous’ foray into media raises intriguing questions. Is this a diversification strategy? A personal passion project? Or a long-term bet on legacy businesses in an era of disruption?

So far, the XM chief has remained quiet about his vision for Phileleftheros. But with his track record of building successful businesses, insiders and observers alike will be watching closely to see what he does next — and how his new role as a media owner might influence Cyprus’ public conversation.

One thing is certain: Cleanthous is no longer just trading markets — he’s helping shape them.

Company Overview

XM is a worldwide brokerage firm regulated by ASIC in Australia, CySEC in Cyprus, and the IFSC authority in Belize. Offering competitive stock CFD and withdrawal fees, XM facilitates user-friendly and prompt account opening processes. Clients can access a variety of educational resources, including webinars and demo accounts. However, XM’s product range is somewhat not huge, primarily focusing on CFDs and forex trading. While its fees for forex and stock index CFDs are average, clients outside the EU do not benefit from investor protection.

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