Managers of 15min group take over 100% control of UAB 15min shares

The shares of UAB 15min will be fully managed by the holding company 4 Bees owned by Tomas Balžekas, Martynas Basokas, Gabrielė Burbienė, and Tomas Bindokas.

The Lithuanian holding 4 Bees purchased 60 percent of the shares from the Estonian company Postimees Grupp, with which it jointly managed the joint venture UAB 15min and the latter’s subsidiary company UAB BNS from September 2021.

Tomas Balžekas, the CEO of 15min, notes that the latest deal is part of a bigger vision. “The first return in 2021 to 15min, founded together with my friends in 2005, was associated with greater ambitions in my vision. We wished to outpace our competitors, acquire other companies, unite the media market and establish a robust Lithuanian media group. Today’s event is a significant step towards realising this vision,” T. Balžekas explains.

The sale value of the shares is not disclosed. Shareholders’ and borrowed funds were used to finance the deal.

Founded in 2005, 15min manages the news portal 15min, magazines Žmonės, Legendos, Ji, and news agency BNS. The planned turnover of 15min group companies in the current financial year is EUR 11 million, with a total workforce of 156 employees.

The holding 4 Bees also owns the Pasaka cinema, the home theatre platform People Cinema, and the subscription platform Prenumerata.lt. They are also co-owners of the health services platform Manodaktaras.lt, the book distribution company Medipresa, the online bookstore Patogupirkti.lt, and the book exchange platform Bookswap LT.

In the transaction, the company 4 Bees was advised by the law firm COBALT. The team was led by Partner Elijus Burgis.