11.12.2023 07:01:11 CET | Schibsted | Non-regulatory press releases

"The Tinius Trust's mission is to manage its ownership in the best interest of
the entire Schibsted Group. The technological crossroads we are facing requires
new measures" says Ole Jacob Sunde, Chairman of the Tinius Trust.

The Tinius Trust and Schibsted ASA have reached a non-binding agreement, which
involves acquiring Schibsted's news media operations and consolidating these
into a separate company that will be 100% controlled by the trust. The agreement
is conditional upon final contract agreement and approval at Schibsted's general
meeting. 

The new media company will retain the Schibsted name and will not be listed on
the stock exchange. The remaining business, consisting of the current business
areas Nordic Marketplaces, which includes Delivery, and Growth & Investments
will continue as a listed company. The Tinius Trust retains its 26% ownership
stake in this company.

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, says Ole Jacob Sunde, Chairman of the
Tinius Trust. 

Refining the business areas
Schibsted's news media operations reach 8.6 million people daily in Norway and
Sweden, mainly digitally. The portfolio includes well-known, leading news media
operations such as VG, Aftenposten, Aftonbladet, and Svenska Dagbladet.
Schibsted also owns several regional and niche media operations, including
Bergens Tidende, Stavanger Aftenblad, E24, and the podcast platform Podme.

"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," says Sunde. 

The trust's purpose
Schibsted heir Tinius Nagell-Erichsen had two clear goals when he established
the Tinius Trust in 1996: The trust was to secure a long-term, healthy economic
development of the company and be a guarantor for free and independent quality
journalism in Schibsted.

"Nagell-Erichsen was an economist who loved journalism. Through the trust, he
laid the groundwork for editorial independence, Norwegian ownership, and a
healthy economic development of the conglomerate he cherished. This is the
legacy the trust is set to uphold," says Sunde. 

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," says Kjersti Løken Stavrum, CEO of the Tinius
Trust. 

The new media company will be managed by an independent and professional board. 

In this podcast Chairman Ole Jacob Sunde and CEO Kjersti Løken Stavrum of the
Tinius Trust give more background on the agreement and The Tinius Trust. 
https://www.tinius.com/en/podcaster/tinius-talks-december-2023

Facts:

 * The agreement to acquire Schibsted's news media operations must be approved
   by the general meeting of Schibsted ASA and is contingent upon the parties'
   agreement on final transaction agreements.
   Provided that the final agreement is approved, all of Schibsted's news media
   operations will be included in the new, non-listed company, along with
   Schibsted Marketing Services, Podme, and ownerships in Polaris Media,
   Retriever, NTB, and TT.
 * The Tinius Trust continues its 26% ownership stake, based on total issued
   shares, in the other Schibsted businesses, which will remain a listed
   company.
 * The trust has agreed to support the removal of Schibsted's dual-class share
   structure by January 2026 through a compensation for the class A shareholders
   based on historical price differences, pending completion of the transaction
   and subject to shareholder approval.
 * Arctic Securities AS is the financial advisor, and the law firm Thommessen AS
   is the legal advisor for the Tinius Trust in connection with the agreement.

About The Tinius Trust
The Tinius Trust is a Norwegian-based trust established in 1996 to keep the
Schibsted shares of heir Tinius Nagell-Erichsen consolidated. The Tinius Trust's
main objective is to strive for the long-term sustainable economy in Schibsted,
and to maintain free and independent newsrooms. The trust also works to
strengthen the general operating conditions essential to ensuring a free and
independent press. The Tinius Trust controls the equity interest in Schibsted
through the investment company Blommenholm Industrier AS. 
The stable ownership of the trust for nearly 30 years has contributed to
Schibsted's ability to meet the digital transformation proactively and
innovatively.

About Schibsted
Schibsted is a family of digital brands with a strong Nordic position, and more
than 6,000 employees. Millions of people enjoy interacting with our companies
every day through our online marketplaces such as FINN, Blocket and Oikotie