Business News

Schibsted ASA (SCH) – Divestment of Metronome Film & Television AB – Detailed Stock Exchange Announcement

Wednesday 29. April 2009 - Schibsted ASA has today signed an agreement to sell all shares in Metronome Film & Television to Shine Group, and the transaction is complete. The sales price for the shares is SEK 719 and the amount is fully paid in cash.

The sale will give Schibsted an accounting gain of approx SEK 400 million, which will be booked in Q2 2009. Net interest bearing debt will be reduced with approx SEK 680 million. Schibsted has paid SEK 108 million to an escrow account as security for warranties given in the sales contract. 75% of this amount will be paid out to Schibsted 1 May 2010 and the rest 1 May 2011.
 
The divestment of Metronome Film & Television is a consequence of the strategic review of Schibsted’s ownership in the company that was started in November 2008.
 
According to the Continuing Obligations for companies listed on the Oslo Stock Exchange, section 3.4.2, further description of the transaction follows as an appendix.
 
Jefferies advised Schibsted/Metronome on the transaction.