Date:Fre, 8/11 1996 Schibsted
Schibsted Nett AS and Telenor Online AS will join forces to establish
a leading internet gateway company for Norwegian and Scandinavian internet
users. The new company will have a neutral content profile and will be
called Scandinavia Online AS.
From the start the company will have an international ambition and
will regard Scandinavia as its home market. The new company’s objective is
to compete with the global companies focusing on the Scandinavian market.
This is stated in a Letter of Intent signed by the two internet companies.
The new company will be operational in Norway as of January 1, 1997 and will
be based on the joint knowhow and activities of Schibsted Nett, Telenor
Online and Telenor Media. It is the parties’ intention to build additional
activities in Sweden, the other Scandinavian countries and selected
international markets.
Scandinavia Online’s ambition is to be the natural gateway for Scandinavian
internet users. Scandinavia Online will have a neutral content profile and
intends to be the preferred partner for Norwegian and international content
suppliers. Thus the company will contribute to the development of highly
useful services for user groups, including for example secure trade on the Net.
Telenor will provide the technical access and Telenor will take over
Schibsted Nett’s access customers. In addition, Telenor will invest NOK 100
million to improve internet access and expansion of internet capacity on the
regular tele communication lines. This investment will ensure users better
services and quick access to requested information.
In Norway the cooperation is based on an equal partnership through the
establishment of a joint, 50/50 controlled company. Through the use of
different share types, Schibsted will have 65 % and Telenor 35 % of the
share capital.
Erik Hagen will be the company’s managing director.
For further information, please contact:
Executive Vice President Birger Magnus,
Schibsted ASA, tel. +47 22 86 41 00/+ 47 900 30 093
Managing Director Peter Pay,
Telenor Plus AS, tel. +47 22 77 76 27 / +47 906 14 524