OSLO, NORWAY: Schibsted ASA, the Norwegian media and online classifieds giant, has announced a major restructuring plan that will see its news media operations spun off into a separate company controlled by the Tinius Trust, the main shareholder of Schibsted.

The trust, which was established by Schibsted heir Tinius Nagell-Erichsen in 1996 to safeguard the company’s editorial independence and long-term growth, has reached a non-binding agreement with Schibsted to acquire its media business, which includes leading newspapers such as VG, Aftenposten, Aftonbladet, and Svenska Dagbladet, as well as several regional and niche outlets.

The deal, which is subject to final contract agreement and approval at Schibsted’s general meeting, will create a new media company that will retain the Schibsted name and will not be listed on the stock exchange. The trust will own 100% of the new company, while retaining its 26% stake in the remaining Schibsted business, which will consist of the current business areas Nordic Marketplaces, Delivery, and Growth & Investments.

Ole Jacob Sunde, Chairman of the Tinius Trust, said the move was motivated by the need to adapt to the technological changes and challenges facing both the media and marketplaces sectors.

“The technological crossroads we are facing requires new measures. Through negotiations with the board and management of Schibsted ASA, we have arrived at a solution that will provide all Schibsted companies with better opportunities for growth and development,” he said.

Sunde added that the trust’s mission was to manage its ownership in the best interest of the entire Schibsted Group, and to be a guarantor for free and independent quality journalism in Schibsted.

“The trust is a value-driven, long-term owner with the financial strength and willingness to invest in the media. We will contribute to the news media’s continued renewal and healthy business operation. As owners, our task is to encourage the development of new revenue streams and excellent editorial services. This is crucial for them to continue delivering meaningful and relevant journalism, and it secures democracy and an enlightened public conversation,” he said.

Kjersti Løken Stavrum, CEO of the Tinius Trust, said the new media company will be managed by an independent and professional board, and will continue to reach 8.6 million people daily in Norway and Sweden, mainly digitally.

“Since the 2000s, the Schibsted Group has been a frontrunner in digitalisation. We are now at a new crossroads where both the media and marketplaces business must adapt to a new reality. Therefore, both the media and marketplaces business will benefit from focusing on their respective business areas. This will ensure full attention to both areas without them having to compete for capital and resources,” she said.

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