Eesti Meedia management acquires the company from Schibsted

13.09.2013

The CEO of the Schibsted Media Group Rolv Erik Ryssdal and the chairman of Eesti Meedia group Mart Kadastik signed the share purchase agreement on Monday 9th of September. 

According to the contract, Media Holding OÜ acquires all shares of AS Eesti Media, parent company of Schibsted media activities in the Baltic countries. 50% of the new owner belongs to Eesti Meedia management and 50% to UP Invest owned by Margus Linnamäe. Eesti Meedia management has formed the company TAMM Meedia OÜ owned by Mart Kadastik (58%), Toomas Issak (14%), Andres Kull (14%) and Meelis Luht (14%).

The agreement values Eesti Meedia at approximately EUR 30 million. The transaction includes all the companies in Estonia, Latvia and Lithuania.

"The vague period has ended now," said Mart Kadastik, CEO of Eesti Meedia. "We are very pleased that Schibsted has chosen our offer as the most sustainable. We want to strengthen our online positions in all Baltic countries. We are satisfied with the fact that our co-owner Margus Linnamäe shares our strategy and integrity of media.”

Margus Linnamäe has stressed that our main aim is not the quick pay-off of the investment.

“If we want the living environment to be healthy and sustain our democracy and freedom, we need profitable and mission-oriented media," said Linnamäe. “Therefore, owning the media is a great responsibility.”

Eesti Meedia is the biggest media group in the Baltic countries. The revenue of the group summed up to approximately EUR 80 million. Eesti Meedia owns the newspaper and online news Postimees, TV channel Kanal 2, radio group Trio (Kuku, Elmar), regional newspapers (Pärnu Postimees, Sakala and others), printing plant Kroonpress, online classified Soov.ee, 50% of tabloid Õhtuleht, magazine publisher Ajakirjade Kirjastus and Express Post in Estonia.  Moreover, online news TVNet.lv in Latvia and online news 15min.lt, online classified Plius.lt and magazine publisher Žurnalu leidybos grupe in Lithuania also belong to the group.