Media powerhouse sells for 30 million euros

TALLINN - A Baltic media group has been sold to new owners for 30 million euros. Norwegian based Schibsted Media Group announced it had last week sold the Eesti Media group to Estonian investors.

Eesti Media owns some of the most successful media outlets in the Baltics, including Estonia’s leading newspaper Postimees and various TV and radio stations.

CEO of Schibsted Media Group Rolv Erik Ryssdal commented: “We are proud that Eesti Media, under our ownership, has developed into a mature, financially strong and strategically well positioned media group in Estonia and the Baltics. As part of Schibsted’s continuous strategic evolution, it is our duty to review whether we are the best owners for all our portfolio companies. We are satisfied with reaching an agreement with a management team that we know stands for sound long term thinking.”

The deal was financed by Margus Linnamae, who currently owns pharmaceutical holding group Magnum Group that has the Apotheka pharmacy chain and wholesale operations in Estonia, Latvia, Lithuania and Finland, creating annual revenue of around 300 million euros.