Tomas Balzekas is buying a top Lithuanian magazine publishing company

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Tomas Balzekas is buying a top Lithuanian magazine publishing company

VILNIUS – Tomas Balzekas, a former CEO of the 15min portal and BNS Lithuania, is buying the magazine publishing and website administration business of Zurnalu Leidybos Grupe (Magazine Publishing Group, or ZLG), a leading Lithuanian magazine publisher, via his company Media Bites, informs LETA/BNS.

Dutch-registered Stichting Administratiekantoor Kemplake has owned ZLG since 2013.

Balzekas told BNS that he expected to close the deal, the value of which is not being disclosed, by the end of September.

Media Bites will also purchase a 40% stake in MedipresaZLG‘s periodicals and books distribution subsidiary. ZLG continues to control Vertikali Medija, the operator of the car classifieds site Autogidas and the real estate classifieds site Domo Plius.

 ZLG publishes the magazines Zmones, Zmones.Legendos, Virtuves Paslaptys, Gyvenk Sveikiau and Laimos Stilius. It also owns the websites Leidiniai.lt, Zmones.lt, Ji24.lt, Elaima.lt and Shopspy.lt.

ZLG posted 7.994 million euros in consolidated revenue for 2016, up 19.7% from 6.68 million euros in 2015. The group’s consolidated net profits last year slumped down by 46.1% to 320,300 euros.

http://www.baltic-course.com/eng/markets_and_companies/?doc=133222

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