EU – Baltic States, Latvia, Legislation, Markets and Companies, Telecomunications

As reported, LNT management – the joint-stock company Neatkarigie nacionalie mediji (Independent National Media), where the council chairman is the LNT founder and board chairman Andrejs Ekis, has bought out LNT and TV5 from News Corporation., writes LETA.

News Corporation has already exited Serbia, Poland and most recently Bulgaria, where the Central European media company CME last month agreed to buy its assets, which include the national commercial station bTV, for USD 400 million in cash.

News Corporation has been present in Latvia since 2007, when it acquired LNT and TV5 through subsidiaries.

As already reported, LNT made the announcement of the deal Wednesday.

Neatkarigie nacionalie mediji had made the best bid, and one of the key elements, according to Ekis himself, was "to continue realizing the values set during long-term work within the world's biggest media concern."

LNT is of the opinion that the current crisis has provided a "unique" opportunity for one of the leading Latvian media companies to return to national ownership.

In a statement, LNT declares that it, as the leading television channel in Latvia, will continue its successful strategy, offering viewers home-produced shows and developing the crisis-stymied multi-channel development strategy.

Ekis believes that it is highly important to continue those shows that have united the Latvian community, like "Angels Over Latvia" and "Singing Families", to name just two.

Neatkarigie nacionalie mediji is also planning further expansion on the Latvian media market.

Ekis did not reveal the details of the deal, he only said that he was not the sole owner of Neatkarigie nacionalie mediji, and that local banks had provided money for buying out LNT and TV5.

Ekis also said that LNT and TV5 were bought at a lower price than that they had been sold for.