Winding up of TV, Published 15/11/1999 14:16:00

The Board of Directors in TV-Magasinet has today decided to wind up the company. The last edition will be published Friday 19 November 1999. The magazine has had over a million readers in Norway’s four largest cities, but has had weak advertising income. Accrued loss as of 31 October 1999 is approximately NOK 40 millions in the company. Schibsted’s loss per 30 September 1999 amounts to NOK 23 millions. In addition to the loss there will be winding up costs. The magnitude will be determined in the negotiations that will take place with the involved parties. Aftenposten’s ownership in the magazine is 50% and Schibsted owns in addition indirectly 14,5% through the regional newspapers Bergens Tidende (16,67%), Adresseavisa 16,67%) and Stavanger Aftenblad (16,67%).