The project board of Media Norge has recommended the boards of Aftenposten, Bergens Tidende, Fædrelandsvennen and Stavanger Aftenblad to propose to the general meetings of the media houses the following amendments to the merger plan for Media Norge:
- The IPO of Media Norge is to take place when the future group board finds the conditions suitable, and no later than 7 years after the merger is carried out.
- The voting power of Schibsted is to be regulated in the period until Schibsted’s sell down. Schibsted will through the two first years be allowed to vote for up to 50.1% and in the following five years for up to 65%.
- If the IPO of Media Norge and Schibsted’s sell down takes place more than two years after the merger, Schibsted will be allowed to own 65%.
The project board of Media Norge has also discussed Schibsted’s wish to increase its take in Finn.no. The board is prepared to sell and will recommend the future group board of Media Norge to establish a dialogue with Schibsted about selling up to 38% of Finn.no. A potential sale of Finn.no shares must be passed in the future general meeting of Media Norge ASA.
EVP Norway Birger Magnus, tel: +47 90 03 00 93
CFO Trond Berger, tel: +47 91 68 66 95
Oslo, 10 October 2008
Jo Christian Steigedal