Amedia
Sparebankstiftelsen DNB paid 395 million for the shares in the local newspaper group Amedia .
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Norwegian media group consisting of 70 newspapers, online newspapers and other publications. The group came into being in 2012 when A-pressen bought Edda Media.
LO until sales have been the largest shareholder with 44.6 percent. Telenor Media Invest has been the second largest with 44.2 percent. The other owners are Fritt Ord and Amedia itself.
CEO’s Are Stokstad and Chairman Telenor’s Knut Ivar Solnes.
29. in August 2015 it became known that ABG Sundal Collier was hired to lead the process of finding buyers of LO and Telenor’s shareholdings.
20. February 2016 revealed Media 24 that Sparebankstiftelsen DNB is about to buy LO and Telenor shares.
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Monday it was confirmed that LO, Telenor and Freedom of Expression sell their holdings in Amedia.
the buyer Sparebankstiftelsen DNB, which owns just under ten percent of the shares in DNB, paying 395 million for the shares.
– These newspapers are playing a very important role in Norway and in their communities. They are an important pillar. Simply put, we can say that local newspapers are important for everything else we support. Therefore, it was so when the current owners in Amedia would sell, says Støylen at the press conference.
The sales value Amedia 1.4 billion. After deductions for debt and debt-related items is a total purchase price 395 million.
In an article in DN Monday pointing Randi Eek-Thorsen, Chairman of Sparebankstiftelsen DNB and André Støylen, CEO of Sparebankstiftelsen DNB, on three reasons why banking foundation spends money on securing ownership in local newspaper group:
- local newspapers are an important arena for the local community.
- the Foundation believes in a future for the local journalism and Amedi digital strategy.
- Easier for a non-stock corporation, without commercial interests, to find new sources of income to financed journalistic content.
– This is something new
Bank Foundation’s management stressed that they have no expectation of financial gain, beyond possibly could have repaid the loan.
– the business must find its solution within the group. But if all goes well will Sparebankstiftelsen once repayment of the subordinated loan. It’s a risk we take with this, but there is no gift, says Støylen.
– Is there any guarantee against the closure or sale of individual businesses?
– No, no guarantee, but there are no plans adaptations. What a new board will see it as necessary to do to adapt, we can not say anything about now, says Støylen.
the Foundation owns just under ten percent of the shares in DNB. The dividend from these shares are used for various philanthropic projects.
It was established by Union Bank in 2002 and has since awarded nearly 2.5 billion to charitable causes.
Does that purpose of being a stable and long-term shareholder in DNB and to continue the savings bank tradition, including through providing gifts to public benefit.
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Telenor Knut Ivar Solnes is chairman of Amedia. He comments on the price of the shares as follows:
– Obviously a lot has happened in the media market both in Norway and internationally since Edda Media was acquired. It is also reflected in the price. Our main concern has been to find a good solution for Amedia says Solnes.
He says sales have been organized as a regular and structured process.
– The Foundation to make an indicative bid in December. We have since been in process with our advisors, scroll DNB Markets. Then it ended with a final bid of Sparebankstiftelsen 15 December and there has been some tugs of war before we agreed, saying Solnes.
The new foundation is not listed in Stiftelsesregisteret yet and it is still not known what to name it.
Egmont in Denmark and Bertelsmann in Germany are two other examples of foundation-owned media corporations.
Støylen think it should be possible to make money on operations in Amedia. But as Jan P. Syse once said: There are many hidden dangers and we will visit them all. There is thus no easy race, warns Støylen.
– But we believe that with a long-term commitment and without any return on capital, we believe that, with the ownership which has been created for Amedia, it should be possible to further develop the local newspapers, he said.
ambitions
LO leader Gerd Kristiansen think it is “sad” to sell the union’s shares in Amedia.
– the is a crossroads for us that we are selling us out today, says Kristiansen, who will not comment on whether there have been other, less politically “edible” bidders inside the process.
CEO are Stokstad in Amedia is happy to have put in place new owners.
– With this agreement we have secured a long-term commitment that makes it possible to carry out our ambitions, says are Stokstad.
Nordlys editor Anders Opdahl has been in teleconference with Amedia, scoring, and was one of several editors who were delighted with the solution which is now made public.
– I can not off-hand to think of any better solutions. As I understand this concept, do you do that up to Norwegian local newspapers even to clear the digital transformation. There are no third-party or x-factors that interfere with the job, says Opdahl, adding:
– I’m very excited!
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