Þurnalø leidybos grupë (ÞLG), publisher of the popular Lithuanian magazines “Þmonës”, “Laima”, “Ji” and “Edita” and operator of the portals Þmonës.lt, Ji24.lt, Elaima.lt and Shopspy.lt, intends to transfer its business to Media bitës. Media bitës is managed by Tomas Balþekas, 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 bitës will take over all employees, assets, obligations and contracts of ÞLG, including shares in associated company Medipresa, which is also ÞLG‘s press and books distributor. However, ÞLG will be retaining ownership of its subsidiary company Vertikali medija.
Says Cameron G. Greaves, chairman of the ÞLG 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 ÞLG’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.”