VG enters the job-ad market by establishing a joint venture with topjobs.net plc (NASDAQ:TJOB). The new companys name will be VG Topjobs AS. Topjobs. net plc will have a 51% stake in the new company while VG will hold the remaining 49%.
Topjobs.net plc will contribute with technical knowhow and systems as well as initial working capital requirements. VG will contribute with marketing and advertising support amounting to a total of NOK 30 million over 3 years. VG will in addition be issued with 10,000 TJOB shares.
Schibsted takes the challenges of new media very seriously and VGs ambition is to be the preferred supplier of content to readers, viewers and advertisers, irrespective of their choice of media. Building a strong internet recruitment product is a key part of VGs strategy. Through the partnership with topjobs.net plc VG expect to strengthen their position and product. Topjobs.net plc has a strong business and brand, and with the combined know-how and resources of the two, VG look forward to co-operate with topjobs.net plc in this field. In Sweden topjobs.et plc has partnered with another company in the Schibsted family , Aftonbladet Hieta AB.