Schibsted ASA (SCH) - Details for restructuring plan in the media houses
(Thomson Reuters ONE) -
The structural changes in the media landscape are happening faster than ever
before. Tablets and smartphones accelerate the shift to digital platforms. In
this context Schibsted's media houses need to invest substantially in digital
competence and at the same time reduce the cost base.
- The aim is to continue the digital transition in our media houses in order to
gain as strong positions online as they enjoy today in traditional media. Strong
editorial products will continue to be the fundament for healthy and profitable
media house businesses also in the digital future, CEO Rolv Erik Ryssdal says.
In the Q2 2012 report Schibsted announced an ambition to reduce costs with a
full year effect of approximately NOK 500 million over the next two years in the
subscription based newspapers of Norway and Sweden, in addition to Spain. It is
expected that around NOK 400 million of the savings will be made in the
Norwegian subscription based media houses Aftenposten, Bergens Tidende,
Stavanger Aftenblad and Fædrelandsvennen. Around SEK 50 million of cost
reduction measures are planned in the Swedish media houses, mainly Svenska
Dagbladet, and measures totalling NOK 40-50 million in full-year effect have
already been implemented in the Spanish free newspaper operation.
A substantial part of the cost reductions will be realized through headcount
reductions.
Restructuring charges of around NOK 300-350 million are linked to the cost
reductions. Most of these will be charged to the P&L in the second half of
2012, on the "Other revenues and expenses" line.
Co-location in Oslo
It has been decided to co-locate Schibsted's two major Oslo based media houses
Aftenposten and VG at Akersgata 55, Oslo, where VG is located today. Akersgata
is a newspaper street with rich traditions. It has a central location in Oslo,
and is close to Norway's key national institutions. This solution will
facilitate more collaboration and provide the employees with good working
environments.
For Schibsted, the main goals for the co-location are to create a good working
environment, keep and strengthen the identity of the different units and achieve
a positive overall financial effect. Finn.no, Schibsted Forlag and the Group
headquarters will remain at their current premises in Oslo.
Contact persons:
Trond Berger, CFO. Tel: +47 916 86 695
Didrik Munch, CEO Schibsted Norge. Tel: +47 915 85 940
Oslo, 22 August 2012
SCHIBSTED ASA
Jo Christian Steigedal
VP Investor Relations
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Schibsted via Thomson Reuters ONE
[HUG#1635456]
Unternehmensinformation / Kurzprofil:
Datum: 22.08.2012 - 10:01 Uhr
Sprache: Deutsch
News-ID 176615
Anzahl Zeichen: 3589
contact information:
Town:
Oslo
Kategorie:
Business News
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