Postimees Grupp to sell stake in Lithuanian subsidiary 15min Group

15min.lt. Photo: Zygimantas Gedvila

Postimees Grupp is selling its stake in the Lithuanian subsidiary 15min Group to the company’s management.

Toomas Tiivel, chairman of the management board of Postimees Grupp, said that the management of 15min Group, which until now owned a 40 percent stake in the company, made a purchase offer, which the parties considered reasonable.

«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,» Tiivel said.

15min Group CEO Tomas Balžekas thanked the Postimees team for good cooperation and trust.

«Together with the whole team, we will contribute to the further development of the media group, focusing on courage and freedom of expression as strong values,» Balžekas said.

The parties are not disclosing the price of the transaction.

15min Group owns one of Lithuania's leading news portals 15min, as well as magazines Žmones and Ji and the Lithuanian unit of the news agency BNS. The company's sales revenue for the 2022/23 financial year was 10.9 million euros.