Schibsted ASA and Mr. Heldur Tõnisson, sole owner of the Postimees group based in Tartu, Estonia, have entered into a preliminary agreement whereby Schibsted ASA will become a 34% owner in the group through a share issue.
The Postimees Group publishes Estonia`s largest daily Newspaper Postimees, with a circulation of approximately 60.000 copies. The Postimees Group also publishes the magazines; Kroonika (Estonia`s largest publication), Kuller and the newsmagazine LUUP. The Postimees Group also has ownership interests in other newspapers; the third largest newspaper in Estonia; Sõnumileht as well as some local newspapers. In addition, the group has 50% ownership interest in the Estonian Magazine Publishing House (Eesti Ajakirjade Kirjastus); publishers of numerous magazines. Revenues in the Postimees Group in 1997 totalled EEK 166 million (approximately NOK 85 million), with a net profit of EEK 2,8 million (approximately NOK 1.5 million).
The preliminary agreement regarding Postimees will be replaced by a final agreement within approximately one month, after a normal due diligence process.
At an extraordinary shareholders meeting earlier today in the Tallinn based newspaper Sõnumileht Schibsted also became a 40 % shareholder in Sõnumileht through a share issue.
Through the above transactions and its ownership in Kanal 2, Schibsted has established itself as one of the leading media companies in Estonia.
Oslo, 7 May 1998