Žurnalų leidybos grupė (ŽLG), publisher of the popular Lithuanian magazines “Žmonės”, “Laima”, “Ji” and “Edita” and operator of the portals Žmonės.lt, Ji24.lt, Elaima.lt and Shopspy.lt, intends to transfer its business to Media bitės. Media bitės is managed by Tomas Balžekas, former manager of news portal 15min.lt and news agency Baltic News Service (BNS).
The parties signed a letter of intent at the beginning of September. Once the deal is closed, Media bitės will take over all employees, assets, obligations and contracts of ŽLG, including shares in associated company Medipresa, which is also ŽLG‘s press and books distributor. However, ŽLG will be retaining ownership of its subsidiary company Vertikali medija.
Says Cameron G. Greaves, chairman of the ŽLG board: “The new owners of our magazines and portals have significant previous experience in the media business. In our view it will seamlessly assume the publishing traditions and commitment to high quality which have been the cornerstones of ŽLG’s business for nearly three decades, together with maintenance of a high reputation. They will also continue the programme of modernisation required in the ever-changing media market.”
Sorainen is advising ŽLG on all legal matters in this project. The Sorainen team is led by co-managing partner Laimonas Skibarka and associate Vytautas Sabalys.