The deal between Snoras and Big Group, a company owned by Gudelis, was closed on October 11, Neil Cooper said in a press release.
"It was a complicated transaction since a number of media companies, Lietuvos Rytas Group among them, have struggled financially for several years. It is a specific and rather unpredictable business, and the interest was also not a controlling one, so many investors withdrew even before making binding offers," he said.
Ten potential buyers, including nearly all major media companies operating in Lithuania and other investors, signed confidentiality agreements and received tendering conditions. Four buyers submitted binding offers, the administrator said.
The media group publishes the daily newspaper Lietuvos Rytas and the weekly magazine TV Antena. It also controls the Lrytas.lt news portal, the Lietuvos Rytas Television channel and a printing house.
