Lithuania, Markets and Companies

The new owner does not plan any major management changes yet but vows to cut back on Russian series and will also look into why the company is in the red.

Skaisgirys told he has no plans to replace the TV channels' CEO Audrius Siaurusevicius, its program director or board.

"We will reduce that Russian contents and will try to include more of Lithuanian contents," he told, also voicing plans to look carefully into the loss-making TV channel's expenditure.

Skaisgirys said he expects the deal to be completed over the next few weeks, without disclosing its value.

Lietuvos Rytas TV posted a net loss of 577,400 euros last year, up 58% from 365,000 euros a year earlier. The company had an accumulated loss of 13.175 mln euros at the end of the last year.

Big Group, owned by Benas Gudelis, has a 36% stake in the Lietuvos Rytas group, Gedvydas Vainauskas own 26% and Vidmantas Strimaitis has a 13% share, with the remaining shares owned by minority shareholders.