TVNET acquires news site NovoNews.lv

Internet site TVNET, belonging to a Scandinavian media group Schibstedt, has acquired the third largest Russian language news site in Latvia, NovoNews.lv. A joint editorial board of rusTVNET and NovoNews shall be formed creating one of the strongest teams on the market.

The aim of the transaction is to combine the second and the third largest Russian language news portals in Latvia and to become a market leader.

COBALT represented TVNET in the transaction.