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Scandinavia Online AB and Telia InfoMedia will join forces in establishing the leading Internet gateway and content provider in Sweden. A new company named Scandinavia Online AB, comprising the existing Scandinavia Online AB and Telia Infomedia Interactive AB, will be established for this purpose. The new Scandinavia Online AB will be owned 40% by Schibsted, 40% by Telia and 20% by Telenor. As a part of the agreement, Telia will obtain a 10% ownership stake in Norwegian Scandinavia Online AS from Schibsted. The new company will continue operation of Telia`s gateway «Passagen» , as well as Scandinavia Online AB`s efforts to to providefocused and practically useful Internet services. The new Scandinavia Online AB will . employ upwards of 100 employees In addition to the above initiative, Telia InfoMedia Respons and the new Scandinavia Online AB will establish a jointly owned company to develop and operate an electronic city guide and directory on the Internet, primarily for the Stockholm area. This service, to be developed in partnership with CitySearch, Inc., will feature a complete and updated guide to local events, activities, products and services in a combination of Scandinavia Online AB`s `Allt om Stockholm` (`Everything about Stockholm`) and Telia`s `Gula Sidorna på Internet` (`Yellow Pages on the Internet`) in Stockholm. The new company will be 50% owned by Telia, 35% by the new Scandinavia Online AB, 10% by Schibsted and 5% by Telenor. The above agreements are subject to approval by Schibsted ASA`s board of directors. Oslo, 29 January 1998 Stein Yndestad |
