Profit of minus 216 million before tax

Media group Schibsted ended the first quarter with a profit before tax of minus NOK 216 million. At the same time, they buy Polaris Media’s Finn.no share.

In comparison, the corresponding result was minus NOK 144 million in the same period last year.

Managing director Kristin Skogen Lund in Schibsted refers to the major changes in the company, which on the eve of last year announced that they will split the company in two. This entails a pure media company that is not on the stock exchange, and a publicly listed marketplace company.

– In the quarter, we made important progress related to the major structural changes that we announced in November and December. In addition to these processes, we are currently developing comprehensive measures to adjust the organization and cost base for a new setting and a more challenging macroeconomic environment, says managing director Kristin Skogen Lund in Schibsted.

Steady decline for paper newspapers

Schibsted’s News Media, which includes VG, Aftenposten, E24 and a large number of other newspapers, had operating income of NOK 1.78 billion in the first quarter, about the same level as the same period last year.

– Despite a changed advertising market and a steady decline in the paper newspaper industry, News Media’s profitability improved significantly compared to the 1st quarter last year, as a result of cost reductions from the cost program announced last year, says Skogen Lund.

A dividend of NOK 450 million has been proposed for 2023, which corresponds to NOK 2 per share. It will be paid out in May this year.

Finn shares

On Friday, it was also announced that Polaris Media is selling its total shareholding of 9.99 per cent in Finn.no to a value of NOK 2.5 billion.

Polaris Media, which has been a minority owner in Finn since they were established in 2000, is subscribing for B shares in Schibsted in a private placement.

– We are very pleased that we have reached an agreement with Schibsted on this transaction. This raises our original investment of NOK 5 million in FINN to a new level, where our FINN shares are exchanged for shares in Schibsted ASA for a total transaction value of NOK 2.5 billion, says Polaris Media CEO Per Axel Koch in a press release.