As earlier announced, Schibsted ASA entered into a preliminary agreement with Mr. Heldur Tõnisson, the sole owner of the Postimees group, on May 7, 1998 whereby Schibsted ASA would become a 34% owner in Postimees AS through a share issue. The preliminary agreement has now been replaced by a final agreement.
Schibsted has also entered into an agreement for the acquisition of 79% of the shares in Sönumileht AS, the company which publishes the newspaper Sönumileht. This is the third largest subscription newspaper in Estonia with a circulation of 28.000. This agreement replaces an earlier agreement which would have resulted in a 40% ownership by Schibsted through a share issue. Postimees AS is the owner of 11% of the shares in Sönumileht.
Postimees AS has also entered into an agreement to acquire Pärnu Postimees, a newspaper which is published in Estonia`s third largest city, Pärnu. This newspaper has a circulation of approximately 18.000.