The Norwegian media company Schibsted ASA and Investor AB, representing the owners of a majority of the shares in Svenska Dagbladet, has reached an agreement resulting in the purchase of 62% of the shares in Svenska Dagbladet. The Svenska Dagbladet Foundation will remain a shareholder with 20% of the shares. It is the intention of Schibsted to invite the Finnish media group Sanoma and a group of Swedish regional newspapers to become minority shareholders in Svenska Dagbladet.
The agreement is made subject to Schibsted being able to acquire 70% of the shares in Svenska Dagbladet, subject to board approvals in Schibsted ASA as well as in INVESTOR AB, and approval from the Swedish Competition Authorities.
Schibsted and Svenska Dagbladet are today partners in the joint venture Tidningstryckarna AB, the plant printing Svenska Dagbladet and Aftonbladet.
Thomas Nilsson, CEO in Investor AB comments the agreement as follows:
-Svenska Dagbladet will get a strong media player as owner – guaranteeing the long term perspective as well as the editorial quality. This is of vital importance in a competitive situation, a situation that obviously will become even more competitive in the future. This is a very good solution, and I am convinced the staff will support the transaction, says Mats Svegfors, Editor in Chief of Svenska Dagbladet.
Executive Vice President of Schibsted ASA; Birger Magnus; ` The acquisition of Svenska Dagbladet will be an important step for us in reaching our long term goal of becoming the leading media company in Scandinavia.
The agreement values Svenska Dagbladet at SEK 30 mill. In addition Schibsted relieves the sellers of their guaranties connected with their part ownership in the printing plant.
For further information:
Thomas Nilsson, Executive Vice President. INVESTOR AB (+46) 8 614 20 00,
Oslo, July 10 1998