Schibsted ASA (SCH) - Schibsted sells Baltic operations to management and local investors
(Thomson Reuters ONE) -
Schibsted Media Group has agreed on selling the Baltic operations in Eesti
Meedia (EM) to a group formed by management of EM. The group is supported
financially by local Estonian investors, headed by Margus Linnamäe.
- Schibsted has owned Eesti Meedia for 15 years, since June 1998. We are proud
that EM, under our ownership, has developed into a mature, financially strong
and strategically well positioned media group in Estonia and the Baltics. As
part of Schibsted's continuous strategic evolution, it is our duty to review
whether we are the best owners for all our portfolio companies. We are satisfied
with reaching an agreement with a management team that we know stands for sound
long term thinking, CEO of Schibsted Media Group Rolv Erik Ryssdal says.
Eesti Meedia is a Baltic media house with its primary operations in Estonia and
smaller presences in Latvia and Lithuania. Around 70 percent of the profit of
the group (EBITDA) is generated by the printing operations in Kroonpress. The
company also owns Postimees, which is the leading newspaper in Estonia, regional
newspapers, magazines, TV- and radio stations and online classifieds. In 2012
the company had revenues of EUR 79 million.
The agreement values Eesti Meedia at approximately EUR 30 million. Schibsted
will in Q3 2013 recognize a loss of around EUR 26 million, which will be
recognized in Q3 2013 as a result of the transaction.
Contact person:
Trond Berger, CFO. Tel: +47 916 86 695
Oslo, 9 September 2013
SCHIBSTED ASA
Jo Christian Steigedal
VP Investor Relations
This information is subject of the disclosure requirements pursuant to section
5-12 of the 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#1728054]
Unternehmensinformation / Kurzprofil:
Datum: 09.09.2013 - 15:30 Uhr
Sprache: Deutsch
News-ID 294682
Anzahl Zeichen: 2556
contact information:
Town:
Oslo
Kategorie:
Business News
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