The companies “TGS Baltic” and “Grant Thornton Baltic” will provide legal and financial management services for the merger of public media. In the process of successively implementing the creation of a unified Latvian Public Media, the legal and financial management services related to the merger process of Latvian Radio and Latvian Television will be provided by the sworn law office “TGS Baltic”. and the association of the accounting services company “Grant Thornton Baltic”.
This is stipulated in the contract signed by the Council of Public Electronic Media (SEPLP) and VSIA “Latvijas Radio” (LR) and VSIA “Latvijas Televīzija” (LTV) with the mentioned companies. The offer of “TGS Baltic” (TGS) and “Grant Thornton Baltic” (GTB) was recognized as the best in a procurement organized by SEPLP, in which a total of five bidders participated.
“Experts will provide a specific service, which is necessary to perform a one-time and complicated task. We have no doubt that we have attracted competent specialists, with the help of which we will ensure that the establishment of the unified public media proceeds without a hitch until January next year,” says SEPLP chairman Jānis Siksnis.
According to the concluded agreement, TGS and GTB will be obliged to prepare the draft of the reorganization agreement and other corporate and other related documents required for the merger of LR and LTV by July of this year, providing support for their registration in the Enterprise Register. The task of the mentioned companies will also be to provide consultations on the implementation of the reorganization, including labor legal and personnel management, financial management, accounting and tax issues, as well as the transfer of contractual obligations in the reorganization process. The consultants will evaluate the property of LR and LTV to confirm the sufficiency of the property for the payment of the share capital, as well as provide proposals for the development of an action plan to the board of the newly established company “Latvijas Sabiedriskais medijs” for the first year of operation.
The term of performance of TGS and GTB services is from the moment of signing the contract on May 9 to January 31, 2025. The planned amount of the contract for the provided services is 79,255 euros. The payment of the contract is expected from the state budget funds, which were allocated to SEPLP for 2024 with the aim of ensuring the preparation and implementation of the process of unification of public media.
About the creation of a unified Latvian Public Media
In order to create a stronger and better equipped public media company for the development of high-quality and modern content with a wider reach, SEPLP has initiated the merger of LR and LTV. The unified Latvian Public Media will start its work on January 1, 2025. By the end of 2024, preparations will be made so that the merger of companies proceeds without complications. As part of it, working groups will be held under the leadership of SEPLP with employees of LR and LTV in matters of management, public order and financial management; the strategic framework for the transitional period of the combined media for 2025 will be developed and approved by SEPLP; an open tender was held for the establishment of a new board; a reorganization agreement was concluded, as well as an action plan was developed for the board of the unified media for the first year of operation. The name of the combined company will be “Latvijas Sabiedriskas medijs”, but the well-known Latvian Radio and Latvian Television program and service brands will continue to exist.
Public Electronic Media Council
Tags: legal financial management services merging public media companies TGS Baltic Work career
