Schibsted is entering a new era. One company will become two. The media part of the company will be sold to the Tinius Trust, Schibsted’s largest shareholder.
By separating Schibsted’s media and marketplace businesses, we will unlock the full potential that lies in the different business areas. Letting them grow in separate environments with the best possible conditions will give them the best possible future.
On the journey ahead, both companies will bring along Schibsted’s long legacy of trust, innovation and societal commitment.
The Schibsted brand and name will follow the media company, while the marketplace company, which also will include the growth and investment portfolio, is currently creating a new name and brand. Once the marketplace company has its new name and brand, this will be the visible owner of all marketplaces and venture companies in its portfolio. This includes companies like Finn, Blocket, DBA, Tori, Lendo and many more.
Official starting point
We are now in the middle of making this separation happen. On 22 March, Schibsted and the Tinius Trust signed an agreement stating that the trust will buy the media operations from Schibsted. This was the official starting point for the separation. The next big step is receiving shareholder approval at an Annual General Meeting, and completing the process to separate the companies. After that, the deal can be closed and Schibsted Media and Schibsted Marketplaces will be two separate companies. This is expected to take place during the second quarter.
The media company will be eager to pursue its goal of becoming the leading media destination in the Nordics. With brands like VG, Aftonbladet, Aftenposten and SvD, the media part of Schibsted has been at the forefront of digitalisation and new business models. With a new focus on sports and entertainment, Schibsted Media will grow, not least in Sweden. AI and technology are other keys to success that have already made a mark in user experience and quality of content.
“Today’s signing takes us another step closer to launching Schibsted Media as a new company, continuing the journey to become the leading media destination in the Nordics. I’m excited to take Schibsted Media into this new phase, bringing our journalistic legacy into the future,” says EVP News Media, Siv Juvik Tveitnes.
Siv Juvik Tveitnes, EVP News Media, Schibsted.
The marketplace company will get a new CEO, as Schibsted’s Kristin Skogen Lund is stepping down. But the way ahead that has been established is still valid. The marketplaces are going through a verticalisation process where the different brands cooperate across countries in four main areas: Re-commerce, Mobility, Real Estate and Jobs. This is to create the next generation marketplaces where new user needs and behaviours will be met, the user experience will be smoother and the user journey will be supported in a more extended way.
In all these areas, sustainability also is a core value. To make the sustainable option the obvious choice is the common goal.
Kristin Skogen Lund, Chief Executive Officer (CEO).
“I have tremendous faith in the potential of our marketplaces and media, both from a business perspective and seeing the value they create in society. Today’s agreement is a testament to this strength and I am proud that we are now taking a significant leap in our transformation into two Nordic powerhouses that continue to touch the lives of millions of people on a daily basis,” said Kristin Skogen Lund.
