Divestment of TV 2 ownership

Schibsted ASA (SCH) , Published 24/10/2006 16:45:00

Schibsted has entered into an agreement with A-pressen Nasjonale Medier AS, A-pressen TV Invest AS, and Egmont Holding AS concerning a sale of  867,733 shares in TV 2 Gruppen AS for NOK 1,150 million. The shares are equivalent to 33.37% of the total share capital in the company. Based on the purchase price, the Enterprise Value for TV 2 Gruppen is NOK 3,712 milion. The accounting gain for Schibsted will be approx. 940 million.
Remaining shareholders in TV 2 Gruppen will have a right of first refusal on their relative part of the shares sold. The purchasing parties have agreed to pay the full consideration to Schibsted by November 10th.
The transaction is dependent on a final decision by the Schibsted ASA group board of directors on November 2nd.
Contact persons:
CFO Trond Berger, tel.: +47 91 68 66 95
EVP Corporate Publishing Affairs Jan Erik Knarbakk, tel.: +47 90 10 00 19
Oslo, October 24th, 2006
Schibsted ASA