Date:Fre, 8/11 1996 Schibsted
Schibsted ASA and Danish telecom company Tele Danmark AS have reached
an agreement to acquire the Danish media company Metronome.
Metronome is Denmark´s second largest TV and film production company,
as well as distributor of feature films through TV, cinemas and video. The
company owns substantial film rights, is involved in the production and
distribution of music, and manages two cinema complexes in Copenhagen.
The acquisition of the Danish group establishes Schibsted as a leading
player within TV and film production in all Scandinavian countries.
Concurrently, Schibsted´s position within TV and film rights in Scandinavia
Metronome´s activities generated revenues of DKK 250 million in the fiscal
year 95/96, with a pre-tax profit of approximately DKK 23.5 million.
Schibsted and Tele Danmark have agreed to organize the acquired activities
within 4 main areas:
· TV and film production, with Schibsted owning 75% and Tele Danmark owning 25%.
· TV and film rights purchases and distribution, with Schibsted owning 100 %.
· Video distribution, music and Danish filmrights, with Tele Denmark owning
75 % and Schibsted 25 %.
· Cinema management, with Schibsted owning 100 %.
The parties have agreed that the total transaction value will not be made
public, but Schibsted´s part of the acquisition has a value of approximately
NOK 70 million.
In addition to its media activities, Metronome is engaged in real estate,
restaurants, etc. These activities are not included in the transaction, and
will remain with the present owner.
Oslo, November 8, 1996
Chief Executive Officer
For further information, contact:
Executive Vice President Jan Erik Knarbakk, Tel: 90 10 00 19.