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The group's main company, also named Lietuvos Rytas, alone incurred a net loss of 13.826 million euros, up 14 times from 990,200 euros in 2018, mainly because of the devaluation of investment into the sold Lietuvos Rytas TV channel, according to the group's financial report to the Center of Registers.

"The price for the subsidiary's shares was considerably lower than the value of investment into it. Due to the devaluation of investment, the company suffered a loss. Excluding the devaluation of investment, the company's 2019 result was positive," the report reads.

The sale price of the Lietuvos Rytas TV is not stated in the report but the loss from the disposal of investment stood at 16.902 million euros last year. Meanwhile, the value of the company's investment into other subsidiaries went down by 16.970 million euros. Therefore, BNS estimates that the Lietuvos Rytas TV was sold for 68,000 euros.

The Lietuvos Rytas group's consolidated sales revenue drooped 12.7% to 26.573 million euros, and that of the main company went down by 7.3% to 5.273 million euros.

The group's consolidated EBITDA rose 28.7% to 2.6 million euros last year, and its EBITDA margin rose by 3.2 percentage points to 9.8%.

Lietuvos Rytas sold the TV channel's shares to Singing Fish, a company owned by producer Povilas Skaisgirys Big Group, owned by Benas Gudelis, has a 36% stake in the Lietuvos Rytas group, Gedvydas Vainauskas owns 26% and Vidmantas Strimaitis has a 13% stake.