Last updateFri, 29 May 2020 12pm

Schibsted ASA (SCH) - Schibsted Media Group has accepted an offer for 20Minutos Spain from Heraldo

Schibsted Media Group divests 20Minutos Spain (online and print) to Spanish media company Heraldo.

Heraldo, with 120 years of history, is a regional Spanish media group that owns the largest newspaper in the Aragón region. Heraldo's main business areas are publishing, audiovisual, press printing, logistics and technology. The Group has a strategy of sustainable growth at the national level.

"Schibsted has been a long term supportive owner of the free newspapers 20Minutos Spain. We believe Heraldo is the best long term owner of 20Minutos and has the competence to further develop the company. There is a strong strategic fit to utilize 20Minutos's national footprint and global online position with Heraldo's strong local presence. We are convinced this will contribute to strengthen the position of 20Minutos in Spain and will ensure the growth and consolidation of 20 Minutos in the long term as a key Spanish newspaper. Schibsted will now open a consultation period of 15 days with the representatives of the employees of 20Minutos to inform and hear the employees' opinion about the acquisition and study with them how it could affect the employment conditions. We are convinced this will contribute to strengthen the position of 20Minutos," says Bernt Olufsen, Editor, Schibsted Media Group.

The transaction is expected to be signed and closed shortly following the end of the consultation period. 20Minutos Spain had revenues of EUR 15 million and EBITDA of EUR -4.2 million in 2014. The financial effects from the transaction are immaterial to Schibsted.



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