EU – Baltic States, Investments, Latvia, Markets and Companies

At a press conference on July 9, investors in the purchase deal were not named after all, but the new owner Aleksandrs Tralmaks made it clear that they have no connection to Russia.

"Turiba" Business University Communications Associate Professor Ainars Dimants pointed out that it is very important that ownership structure for media is clear and open because "its main capital, in the long-term, is credibility." The delay in naming the investors will be detrimental to both newspapers, he added.

Riga Stradina University Communications and Journalism Dean Anda Rozkalne commented that the decision not to reveal the investors will have an impact on reader trust and believability of content.

"I feel that no greater damage could have been done to "Diena", to such a key player in the sector. It would be better if the owners came right out and said that the investors will not be revealed, not play around," opined Rozukalne, emphasizing that the paper's values, as stated by the owners themselves, are openness and transparency.

Rozukalne also commented that "Diena's" editorial independence has become "dependence".

As reported, last weekend, the Tralmaks-owned Nedela S.A. acquired the Latvian media group "Diena" and the Latvian business daily "Dienas Bizness" from "Bonnier Business Press".

Nellija Locmele, the publishing house Dienas mediji editor in chief, told LETA that in meetings with Tralmaks, the point has been made clear that complete transparency is necessary about ownership's sources of money because the press conference revealed nothing.

Locmele said that the only thing that she could surmise was that there are more than just two investors [Tralmaks and Luxembourg Financial Services (LFS) founder Kalle Norberg.]

She added that at this time it is "business as usual at "Diena", and that the owner has himself declared that his business principle is editorial freedom.