Schibsted splitting into two companies

Schibsted is reorganizing into two companies. The international online classifieds operations (preliminarily named "MPI") will be spun off and established as an independent, listed company. Schibsted, meanwhile, will undertake all activities in Norway, Sweden and Finland, including Finn.no, Blocket.se and Tori.fi, the company announced.

Schibsted will retain a majority ownership in MPI at the time of the listing. Schibsted intends to remain an active, significant long-term owner in MPI, the company said. “MPI will be one of the global leaders in online classifieds, fully equipped to achieve long term growth with high profit margins,” a release from the company said.

The board has appointed Rolv Erik Ryssdal as the new CEO of MPI. As the new CEO of Schibsted, the board has appointed Kristin Skogen Lund.

The spin-off of MPI will be done primarily as a demerger. The shares are expected to start trading in 2019.

Norway-based Schibsted Media Group has 8,000 employees in 22 countries, the company website says. It owns large newspapers in Sweden and Norway.

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