Latvia, Legislation, Markets and Companies

The current editor-in-chief of the Diena newspaper Gatis Madzins will stay on, and Kots informs that no changes to the editorial staff is expected.

The change in the newspaper's ownership will not change anything at the newspaper, Kots claims.

Kots said that he is confident that Dienas mediji is financially sustainable.

As reported, joint-stock publishing company Diena subsidiaries Dienas Bizness and Dienas Zurnali have been purchased by the concern's long-time board members Janis Marsans and Janis Svarpstons.

Both companies were purchased by SM Investicjas Ltd., which is owned by Marsans and Svarpstons. The deal was concluded on November 17, however, the purchase sum has not been revealed.

The Dienas Bizness and Dienas Zurnali magazines and newspapers will continue to be published, but now under the management of SM Investicjas Ltd..

Diena announced earlier this week that it has sold its companies – Dienas mediji, Izdevnieciba Dienas zurnali, Izdevnieciba Dienas bizness and RPD Ltd..

The owner of the newspaper and publishing company, Rigas Tirdzniecibas osta, informed that the company does not see publishing in its strategic activities anymore, thus the decision has been made to divide the concern and sell its companies.

An agreement in principle has been made with the potential new owners of the company, and the deal is near complete. More detailed information will be made available in the near future.

Dienas mediji is a subsidiary of Dienas mediji, which achieved EUR 2.68 million in turnover last year and posted EUR 670,829 in losses.