Postimees Grupp sells its stake in the Lithuanian subsidiary 15min Group to the company’s management.
According to Toomas Tiiveli, chairman of the board of directors of the Postimees group, the management of the 15min group, which until now owned a 40% stake in the company, made a takeover offer that seemed reasonable to the parties.
“Lithuanian management has done an excellent job in developing the company, and their interest in acquiring the stake demonstrates confidence in the future of the media business,” Tiivel said.
The parties do not disclose the price of the transaction.
The 15min Group owns one of Lithuania’s most important news portals, 15min, as well as the magazines Žmones and Ji and a unit of the BNS Lithuania news agency. The company’s turnover for the financial year 2022/23 was €10.9 million.
15min Group CEO Tomas Balžekas thanked the Postimehe team for the good cooperation and trust: “We contribute with the entire team to the further development of the media group, keeping courage and freedom of speech as strong values at the core.”
2023-12-21 08:25:00
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