Delfi, a subsidiary of Estonia's media group Ekspress Grupp, is selling its magazine publishing business to GM Media Invest, a company controlled by Gitana Markovičienė, the buyer and CEO of the Lithuanian news agency ELTA.
The package includes the magazines Moteris, Mano Namai, Tavo Vaikas, Cosmopolitan and Panele, as well as the same-branded websites, Delfi said.
The group plans to focus on developing online media.
"In Lithuania we are well known as the leaders of the online media, thus (we) have made a strategic decision to concentrate all our efforts on this particular field, on strengthening and expanding it," Delfi CEO Vytautas Benokraitis said.
The Delfi Group has recently purchased Adnet, the Baltics' largest online advertising network, and owns the M360.lt, NBA, Grynas.lt and other websites, as well as the online classifieds site Alio.lt and the Alio.lt brand.