Tomas Balžekas, the CEO of 15min and Schibsted Media Group's representative in Lithuania, said that the company will now focus on the expansion of its 15min.lt news website.
"We are moving to the digital space. We'll work with all our strength and concentrate our attention to our online news portal 15min.lt," he said on Thursday.
“We will continue working a lot and earnestly so as to win even more sympathies from news readers and to attract more investments from the advertising market,” Balžekas said.
He noted that the press advertising market had been shrinking at the rate of some 30 percent this year, newspaper circulation rates were dropping and there were no prospects for the print media to attract more advertising or a bigger reader audience in future.
“Our owners, Norway’s Schibsted Media Group, plan to further increase investments in Lithuania’s internet projects in the future,” Balžekas said.
15min started as a daily in 2005. Amid economic crisis, the paper was reduced and would be published three days a week. In 2012, it became a weekly. Schibsted owns 99.99 percent of shares in 15min.