Norwegian media group Schibsted has announced plans to divide its operations into two separate entities in a deal worth 6.2 billion Norwegian kroner ($568.8 million). The company's news media businesses will be transferred to its largest shareholder, Tinius Trust, while its remaining marketplaces businesses will remain publicly listed.
According to Schibsted Deputy Chairman Rune Bjerke, the decision stems from an extensive financial and strategic analysis, which highlights the potential for both the News Media and Nordic Marketplaces segments to excel as standalone companies. This move aims to unlock further value beyond what is achievable within the current company structure.
Schibsted's news media business encompasses renowned outlets such as VG, Aftenposten, Aftonbladet, Svenska Dagbladet, as well as stakes in Polaris, NTB, TT Nyhetsbyran, and digital niche products like E24. In the past twelve months alone, this division generated revenue of NOK7.55 billion.
Following the completion of the transaction, Schibsted intends to distribute the cash proceeds to its shareholders. The deal is expected to conclude in the first half of 2024. At present, the Tinius Trust controls approximately 26.3% of Schibsted's total issued shares.