Lithuanian-owned media and digital business group 15min Group on Monday announced the acquisition of the M-1 group of radio stations from Rūta Grušnienė.
The deal, whose value has not been disclosed, is expected to be closed by the end of the summer, subject to approvals from the Lithuanian Radio and Television Commission and the governmental commission vetting transactions by strategic companies.
If the approvals are obtained, 15min will buy 100 percent of shares in M-1, Ultra Vires, Radijo Stotis Laluna, and Reklamos Ekspertai. They own the radio stations M-1, M-1 Plius, Lietus, Laluna, and M-1 Dance.
“By becoming a larger media group, we will be able to offer people higher quality news, entertainment and experiences with all our brands,” Tomas Balžekas, CEO and majority shareholder in 15min Group, said in a statement.
Grušnienė, who has headed the companies for 18 years, said that the M-1 brand, which has existed for 35 years, will form a new Lithuanian media group together with 15min Group.
Balžekas said that since the combined revenue of both groups does not exceed 20 million euros, the transaction does not require approval from the Competition Council.
According to the statement, the transaction will be financed with own and borrowed funds. The buyer was advised by the law firm Cobalt, and the seller by Ellex and PwC.
15min Group owns the 15min.lt news website, the Baltic News Service (BNS), the magazines Žmonės, Legendos and Ji, the film streaming platform Žmonės Cinema, and the portals Prenumerata.lt, Bookswap.lt and Manodaktaras.lt.
15min Group is owned by 4 Bees, a holding company whose shareholders are Balžekas (59 percent), Martynas Basokas (24 percent), Gabrielė Burbienė (10 percent), and Tomas Bindokas (7 percent).
In January 2023, the Baltic media group TV3 announced plans to acquire the M-1 Group, but the Competition Council last September refused to clear the deal.
TV3 CEO Laura Blaževičiūtė then said the company opted not to challenge this decision in court due to the lengthy legal process and the rapidly changing market situation.
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