Estonians have bought back its biggest newspaper Postimees (Postmen) as its former holdings the Norwegian media group Schibsted announced on Monday that it had sold the Estonian media to Estonian owners.
Estonians acquired the holding of the Postimees from Schibsted for around 30 million euros (40 million U.S. dollars), according to the special report on Tuesday by Eesti Paevaleht, Estonia's biggest business daily.
"We are proud that during that time Eesti Meedia had developed into a strong and strategically well positioned media group in Estonia and the rest of the Baltic states," said Schibsted's CEO Rolv Erik Ryssdal.
The deal was financed by Margus Linnamae, owner of pharmaceutical holding group Magnum Group that has the Apotheka pharmacy chain and wholesale operations in Estonia, Latvia, Lithuania and Finland and annual revenue of around 300 million euros.
As a result of the deal, Linnamae owns 50 percent of Eesti Meedia, the rest owned by TAMM Meedia which belongs to three Eesti Meedia's executives Mart Kadastik, Toomas Issak and Meelis Luht as well as to Andres Kull, CEO of Kroonpress printing house.
According to the latest statistic issued by the Estonian Newspaper Association last month, In July 2013, the leading Estonian daily Postimees saw its daily print run fall to 49,900 - the lowest in a decade, while in 2007, The heyday for Estonian newspaper journalism, Postimees had a print run of 69,000. (1 euro = 1.32 U.S. dollars) Endit