The management buyout of Eesti Meedia has triggered a first right of refusal clause for three companies co-owned with Ekspress Grupp, the activation of which revolves around printing profits, according to one expert.
“We are talking about an annual profit of 300,000 to 400,000 euros from Õhtuleht [one of the three co-owned companies], but the printing press, Kroonpress [owned by Eesti Meedia], is probably making more from printing the paper,” Meelis Mandel, editor in chief of Äripäev, a competitor of both Eesti Meedia and Ekspress Grupp, told ETV on Friday.
Ekspress Grupp owns the printing house Printal, which could take over the printing of Õhtuleht.
Despite previous speculation that Ekspress Grupp does not have the funds to pull off the purchase, the group announced last week that it will activate the clause and buy Õhtuleht.
LHV has valued Õhtuleht at 2 million euros, but the daily's contract with Kroonpress could influence the price.