Schibsted ASA has on May 18th entered into an agreement about acquisition of the remaining 50% of the shares in Sandrew Metronome AB from the Anders Sandrew Foundation. The agreed price is SEK 145 million in addition to 50% of the profits from sales of the cinema operations in Denmark and Finland. Takeover is July 1st.
Sandrew Metronome has entered into an agreement about a sale of their cinema operations in Denmark to Nordisk Film. The cinema operations in Denmark had revenues of SEK 88.3 million and operating profit (EBITA) of SEK 4.9 million in 2005. The sale will not have any considerable accounting effect for Schibsted. The cinema operations in Finland are expected to be sold during 2006.
Sandrew Metronome is among the leading integrated film companies in the Nordic region. The company’s core business is to create, buy and manage film rights for present and future ways of distribution in the Nordic region.
“In a media landscape where access to attractive distribution rights for live pictures is increasingly important, Sandrew Metronome will play a key strategic role for Schibsted”, says Executive Vice President in Schibsted and incoming Chairman of the Board in Sandrew Metronome Gunnar Strömblad. “The cooperation between the Anders Sandrew Foundation and Schibsted has been excellent since the establishment of Sandrew Metronome in 1998”, says CEO Morten Kongrød. “The fact that Schibsted now owns 100% of the company however provides better opportunities to develop the company further, particularly within digital distribution, an area where we see a considerable future potential.”
Gunnar Strömblad, Executive Vice President of Schibsted, tel. +46 705 252 104
Morten Kongrød, CEO of Sandrew Metronome, tel. +47 901 94 217
Oslo, May 19, 2006
Astrid Thommesen Sæbø