In order to cut its debt, Slovenian beverage firm Pivovarna Lasko has decided to sell its publishing arm, Delo d.d., which owns two of the most popular newspapers in the country, BusinessWeek reported.
Last Tuesday, the company put ads in The Financial Times as well as Delo, its flagship publication, saying it would receive non-binding bids until December 14, Bloomberg pointed out. The sale is expected to take place next year.
Pivovarna Lasko announced the sale in October as part of "its strategic plan to withdraw from the media sector and focus on its core business, which is the production and sale of beverages," explained the Public Agency of the Republic of Slovenia for Entrepreneurship and Foreign Investments.
The publishing company, which was bought in 2007 for $117 million, also owns tabloid Slovenske Novice, magazine Nedelo and a cultural biweekly called Pogledi, BusinessWeek reminded.