Norway’s Schibsted expanding online business in Lithuania

The company has been investing in online business and several new projects should be unveiled in the nearest time, Tomas Balžekas, CEO of Schibsted Media Group Lietuva and other Schibsted’s Lithuanian companies, has told BNS.

The company also intends to invest in the weather portal oral.lt, which was acquired for an undisclosed amount earlier this week.

“However, we will not rush too much to invest [in orai.lt], probably at some point closer to fall,” Balžekas said.

Contrary to delfi.lt, the most popular Lithuania’s Internet portal that had many dedicated sections, Schibsted Media Group Lietuva wanted to develop strong stand-alone dedicated brands, including Žmones, Plius and others, he said.

Balžekas also projected that the free weekly 15min should shrug off losses this year after cost cutting. Meanwhile, the company 15min, which runs an online portal, might still suffer losses, yet its revenues should increase.

Last year, 15 minučių, the publisher of the free daily 15min, saw its net losses contract 2.4 times, to 397,000 litas (EUR 115,072), from 938,000 litas in 2010. Its revenues rose by 11 percent, to 4.732 million litas, from 4.272 million litas.

The losses of 15min, which runs the portal 15min.lt, widened by 31 percent last year, to 1.16 million litas, although its revenues soared by 57 percent, to 2.359 million litas.