EU – Baltic States, Internet, Investments, Latvia, Technology

Schibsted representative Toomas Issak announced that investment in Tvnet is the company's first step in Latvia and will strengthen its presence on the Baltic Internet media market, writes LETA.

Media experts previously pointed out to the business information portal Nozare.lv that Schibsted's presence in Latvia will only improve the quality of the market.

Information and communication expert Sergejs Kruks explained that currently if a media company wants to develop its business activities in Latvia and improve its finances, it must either merge with other media companies, become the voice of a political force or find foreign investors and become part of a large media group like Schibsted. The acquisition of Tvnet will contribute to the development of the Internet media market of Latvia.

According to the company's official homepage, Schibsted was established in 1839 and has approximately 7,500 employees in 26 countries.

The company's turnover in 2009 reached LVL 1.15 billion, a 0.8% decrease, compared to 2008.

Schibsted's EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) amounted to LVL 135 million, while the net profit reached LVL 25.27 million.

In 2008, the company operated with LVL 67 million losses, while, in 2007, Schibsted's profit reached LVL 87.9 million.

According to LETA archive, Tvnet's turnover in 2009 was LVL 534,828, which is 55.9% less than in 2008, when it was 833,913.

In 2009, Tvnet suffered LVL 80,294 losses, whilst in 2008 the Internet portal operated with a LVL 19,059 profit.