Schibsted ASA (SCH) - Establishment of new online classifieds joint ventures completed
(Thomson Reuters ONE) -
On 30 September 2013 Schibsted Media Group announced the establishing of SnT
Classifieds, a 50/50 joint venture together with Telenor, to provide online
classifieds services in selected key markets in South America and Asia. At the
same time it was announced that Telenor joins Schibsted and Singapore Press
Holdings (SPH) in the South East Asian online classifieds joint venture 701
Search Pte (701), where the parties will own 1/3 of the shares each.
The transactions were completed 3 December 2013.
Schibsted receives a cash consideration of EUR 119 million from Telenor in
connection with the transactions. A book gain of around EUR 115 million will be
recognized in the result for Q4 2013. As of Q1 2014, both JVs will be
consolidated using the equity method (one line consolidation of the after tax
profit). The contribution will be part of the reported EBITDA. From closing date
to the end of 2013 SnT Classifieds will be consolidated proportionately (JV
consolidation). 701 Search will be consolidated with equity method already as of
closing.
Oslo, 3 December 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 GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1747317]
Unternehmensinformation / Kurzprofil:
Datum: 03.12.2013 - 10:00 Uhr
Sprache: Deutsch
News-ID 322012
Anzahl Zeichen: 2086
contact information:
Town:
Oslo
Kategorie:
Business News
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