The Board of Directors of Sandrew Metronome has decided to prepare a strategic change and reorganization of Sandrew Metronome. Sandrew Metronome is Schibsted’s Scandinavian operation within film distribution.
Reduced demand in the market and weak profitability over long time is the background for Schibsted’s decision to conduct cost reductions in Sandrew Metronome. The measures may affect 20 full time positions in four Nordic countries. Schibsted considers alternative solutions for Sandrew Metronome, including a divestment of the operation or parts of it. Schibsted will not continue as a long term owner of the company, as Sandrew Metronome is not a part of the core activities of the Group. All existing productions and distribution agreements will continue as usual.
Schibsted carried out impairment charges linked to Sandrew Metronome in Q4 2009, and for the Schibsted Group the reorganization of Sandrew Metronome will have limited financial effect.
Gunnar Strömblad, EVP in Schibsted and chairman of the board of directors of Sandrew Metronome. Mobile: +46 70 525 21 04.
Trond Berger, EVP and CFO. Mobile: +47 916 86 695
Oslo, 26 March 2010
Jo Christian Steigedal
VP Investor Relations