Mart Kadastik, who led the recent management buy-out of Eesti Meedia, has said that one of the main causes of the company's quarrel with rival Ekspress Grupp lies in the fact that both media empires know that the printed press is heading for extinction.
Speaking on ETV's “Terevisioon” program, Kadastik said that the strife over the purchase of co-owned daily Õhtuleht has little meaning, and has only received media attention as the owners are media companies.
He said that investing in Õhtuleht could be a big risk, since there is little future in the printed press, which is why, according to Kadastik, Ekspress Grupp is trying to back away from the purchase.
Ekspress Grupp activated a right to buy the daily after Eesti Meedia's management buy-out last year, and was set to pay Eesti Meedia for its half by mid-December. The group skipped the date, deciding instead to take Eesti Meedia to court, accusing it of hindering the purchase.
Õhtuleht is one of the most profitable daily newspapers in the country, earning between 300,000 and 400,000 euros annually, with a similar sum made from printing the paper.