Eesti Meedia (92,5% owned by Schibsted) and Ekspress Group (50% owned by Marieberg International) have entered into a letter of intent regarding the establishment of two 50/50 owned companies which will be responsible for the publishing of the newspapers Sõnumileht (Eesti Meedia) and Ôhtuleht (Ekspress Group) and the publishing of magazines.
The main objective of the restructuring is to improve the profitability of these activities. “Sõnumileht” and “Õhtuleht” incurred total losses of EEK 35 mill. in 1999.
Eesti Meedias activities which are effected by this restructuring had total revenues of EEK 106 mill. in 1999 (compared to Eesti Meedias total revenues of 324 mill.) and a loss of EEK 18 mill.
Oslo, 13th March 2000
Mette D. Storvestre
Investor Relations Manager