Business News

Employees Buy Out Local Newspaper

Kranj, 26 March (STA) - The employees of Gorenjski glas, the Kranj-based publisher of the namesake newspaper, have bought a majority stake in the company together with Domel Holding, Slovenia's biggest employee-owned company, for an undisclosed price.

The 82% stake was offloaded by the long-time shareholder, the bank Gorenjska banka, which decided to sell off non-core assets, Gorenjski glas said in a press release on Tuesday.

The buyout group involved 32 of the 38 Gorenjski glas employees, who pooled enough resources to provide half of the purchase consideration.

"In the desire for stable ownership which secures work and development, the majority of employees decided to spend our savings on the purchase," Gorenjski glas director and editor-in-chief Marija Volčjak said.

Domel Holding, an industrial group in sole ownership of current and former employees, not only provided half of the money, it also plans to help Gorenjski glas with its know-how on employee ownership.

Gorenjski glas is the main local newspaper in the Gorenjsko region. It is published twice a week and has a print run of 22,000.

The company's revenue has been stable at over EUR 3.5m annually. In 2011 and 2012 it posted net profits of over EUR 50,000.

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