Schibsted ASA has entered into an agreement with Endemol Finance BV to acquire their 35% stake in Metronome Film & Television AB for approx. SEK 145 million. Based on the purchase price, the value of Metronome is approx. SEK 414 million. After the completion of this transaction, Schibsted owns 100% of the shares in Metronome.
Metronome is the largest independent Nordic TV and film production company. In particular it has a leading position within TV production in Sweden. During the year, Metronome Film & Television has undergone two acquisitions; Stockholm-Köpenhamn in May, and the remaining 50 percent of the partly-owned subsidiary Friday TV in August, in order to reinforce its market position. Metronome will continue to develop more of its own innovative formats to sell both in Sweden and internationally. Metronome had revenues of SEK 1.1 billion and an operating profit (EBITA) of SEK 22 million in 2006.
“In a media landscape where the production of content is increasingly important, Metronome will play a key strategic role for Schibsted. Our continued development in TV production and live pictures is more easily managed in a fully-owned subsidiary, and Metronome’s strong market positions are excellent platforms for further growth. We also look forward to the continued cooperation with Endemol,” says Gunnar Strömblad, EVP of Schibsted in Sweden and the chairman of the board of Metronome.
Contact persons:
CFO Trond Berger, tel. +47 91 68 66 95
EVP Schibsted Sweden Gunnar Strömblad, tel. + 46 705 252 104
Oslo, 28 September 2007
SCHIBSTED ASA