Otava Oy acquired 700,000 Alma Media shares today for EUR 10.2 million, nudging its ownership past a critical threshold and solidifying its position as the Finnish media company’s largest shareholder.

The move follows regulatory approval from Finland’s Competition and Consumer Authority, clearing the way for Otava to move from a strong minority position to effective control. After the transaction, Otava holds just over 40 percent of Alma Media’s shares and voting rights, Alma Media’s bourse notice shows today.

The shift is notable when set against Otava’s position only weeks earlier. At the end of March, the company held 39.22 percent of Alma Media, equivalent to roughly 32.3 million shares. 

Otava’s Chief Executive, Alexander Lindholm, struck a careful tone in outlining the company’s intentions. In February, he described Alma Media as “well managed” and emphasized continuity, adding that Otava aims “to remain a long-term, significant shareholder.”

He also underlined that the goal is “to keep Alma Media independent” and “to preserve its status as a listed company,” pointing to the stability public markets provide for future growth.

Alma Media is a digital media and marketplace company operating in 10 European countries, with brands including Kauppalehti, Talouselämä, Iltalehti, Etuovi.com, and Nettiauto. In 2025, it generated €327 million in revenue, 86 percent from digital business, and is listed on Nasdaq Helsinki.