Dutch-registered Stichting Administratiekantoor Kemplake has owned ZLG since 2013.
Balžekas told BNS that he expected to close the deal, the value of which is not being disclosed, by the end of September.
Media Bites will also purchase a 40 percent stake in Medipresa, ŽLG’s periodicals and books distribution subsidiary. ŽLG continues to control Vertikali Medija, the operator of the car classifieds site Autogidas and the real estate classifieds site Domo Plius.
ZLG publishes the magazines Žmonės, Žmonės.Legendos, Virtuvės Paslaptys, Gyvenk Sveikiau and Laimos Stilius. It also owns the websites Leidiniai.lt, Zmones.lt, Ji24.lt, Elaima.lt and Shopspy.lt.
ZLG posted 7.994 million euros in consolidated revenue for 2016, up 19.7 percent from 6.68 million euros in 2015. The group’s consolidated net profits last year slumped down by 46.1 percent to 320,300 euros.