Postimees Grupp is selling its stake in the Lithuanian subsidiary 15min Group company's management, who have in effect bought out the parent company's stake, for an undisclosed sum.
Postimees' English-language page reports Toomas Tiivel, Postimees Grupp board chair, saying that: "The Lithuanian management has done a very good job in developing the company and their interest in buying out the stake shows confidence in the future of the news media business."
The 15min Group management had in any case owned a 40 percent stake in the company, ahead of making the offer to buy out the remaining 60 percent.
15min Group CEO Tomas Balžekas thanked the Postimees team for what he called their strong cooperation and trust, adding that 15min Group would continue to develop, focusing on courage and freedom of expression as core values.
15min Group, which reported 2022-2023 revenues of a little under €11 million, owns one of Lithuania's leading news portals, 15min.lt, as well as lifestyle magazine Žmones, the Lithuanian component of the BNS newswire, and other titles.
Postimees Grupp owns the newspaper of the same name and its regional variants, the Kanal2 TV channel, Raadio Kuku and many other titles in Estonia.
Editor: Andrew Whyte