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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