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Sorainen Advises Zurnal Leidybos Grupe on Sale of Publications to Media Bites

Sorainen Advises Zurnal Leidybos Grupe on Sale of Publications to Media Bites

Lithuania
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Sorainen is advising Zurnalu Leidybos Grupe, the publisher of the popular Lithuanian magazines “Zmones”, “Laima”, “Ji”, and “Edita” and the operator of the portals Zmones.lt, Ji24.lt, Elaima.lt, and Shopspy.lt, on the transfer of its business to Media Bites.

According to Sorainen, "the parties signed a letter of intent at the beginning of September. Once the deal is closed, Media Bites will take over all employees, assets, obligations and contracts of ZLG, including shares in associated company Medipresa, which is also ZLG's press and books distributor. However, ZLG will retain ownership of its subsidiary company Vertikali Medija.

Cameron Greaves, Chairman of the ZLG board commented that: “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 ZLG’s business for nearly three decades, together with maintenance of a high reputation. They will also continue the program of modernization required in the ever-changing media market.”  

The Sorainen team is led by Co-Managing Partner Laimonas Skibarka and Associate Vytautas Sabalys.