Schibsted Media Group has agreed to sell Schibsted Forlag AS and EBOK.NO to the Norwegian book publishing company Forlagshuset Vigmostad & Bjørke.
Schibsted Forlag is among the leading book publishers in Norway. EBOK.NO is Schibsted's digital book store. The book publishing operation in Schibsted Forlag was established in 1839 by Christian Schibsted.
"We are convinced that Vigmostad & Bjørke will be good long term owners for Schibsted Forlag and EBOK.NO. This is a good way forward for both companies, CEO of Schibsted Media Group, Rolv Erik Ryssdal says.
"Vigmostad & Bjørke has a solid history, and has over the last 25 years developed very well in the Norwegian book publishing industry. Today, it is the country's fourth largest publishing house country. I am sure that customers, authors and employees of Schibsted Forlag will benefit from being included into the Vigmostad & Bjørke group," Bernt Olufsen, Chair of the Board of Schibsted Forlag says.
Schibsted has a long and proud history as owners of Schibsted Forlag.
"At the same time, it is an important responsibility continuously to consider whether you are the best owner for each operation. Schibsted will allocate our resources to developing our position as a global leader in Online classifieds and developing world class digital media houses," CEO Rolv Erik Ryssdal says.
"Schibsted Forlag and EBOK.NO have key positions in the Norwegian publishing industry. My career in this industry started by writing more than 100 short stories and short novels for magazines owned by the publishing house we now acquire. Hence, I have always followed Schibsted Forlag closely, and it is like a dream come true. We are looking forward to increase the efforts within entertainment literature at the benefit of Norwegian book lovers. Further on, we want to reinforce the position within general literature, where Schibsted Forlag and Vigmostad & Bjørke have strong positions and solid foundations for further growth," says Chair of the Board of the Vigmostad & Bjørke group, Arno Vigmostad.
"We already have the largest internet bookstore in Norway, and now we are getting the largest digital bookstore too," says Arnstein Bjørke in Vigmostad & Bjørke.
The transaction will be completed in the near future, and will result in an immaterial gain for Schibsted. The parties have agreed not to communicate the value of the transaction. In 2014 Schibsted Forlag and EBOK.NO combined had revenues of around NOK 190 million and an EBITDA of NOK -14 million.
Contact persons:
Trond Berger, CFO. Tel: +47 916 86 695
Bernt Olufsen, Chair of the Board of Schibsted Forlag AS. Tel: +47 909 43 102
Oslo, 11 May 2015
SCHIBSTED ASA
Jo Christian Steigedal
Head of IR