Estonia's two largest media companies, Ekspress Grupp (Delfi) and Eesti Meedia (Postimees) have agreed on the value of co-owned daily Õhtuleht and magazine publisher Ajakirjade Kirjastus, marking a huge step forward in the sale of the two media units to Ekspress Grupp.
The sale of the co-owned companies was made possible last year when Eesti Meedia changed hands, with Ekspress Grupp taking advantage of a clause to purchase the co-owned companies. But the two parent companies did not find common ground in a number of factors, including price.
According to Friday's compromise, Ekspress Grupp will pay 2.7 million euros for the two companies.
Eesti Meedia took Ekspress Grupp to arbitration court in January, demanding 8.6 million euros for the latter not paying the sum for Õhtuleht and Ajakirjade Kirjastus on time.
Ekspress Grupp counter-sued two months later for 3.6 million euros, saying Eesti Meedia has delayed the sale.