Schibsted Successfully Detaches Media Business, Leaving Standalone Marketplaces Segment

June 11, 2024
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The Norwegian media and marketplace operator Schibsted has had a busy month, with transactions worth approximately NOK 50 billion ($4.7 billion) all closing in the past five weeks.

Last week, the company successfully divested itself from its news and media segment in a strategic move dating back to December 2023. The buyer is Tinius Trust, Schibsted's largest stakeholder, which has taken on the news and media segment in a deal worth approximately NOK 6.3 billion (USD 590 million), leaving Schibsted as a marketplace-only operator moving forward.

Schibsted will now focus its operations on just four key verticals - mobility, jobs, real estate, and recommerce.

A management shakeup has already been enacted, with Christian Halvorsen being promoted to CEO, replacing the outgoing Kristin Skogen Lund.

No fewer than nine senior management appointments have also been announced as part of the new-look Schibsted, with each of them holding the Executive Vice President (EVP) role for their denoted segment:

  • Robin Suwe, Mobility
  • Eddie Sjølie, Jobs
  • Kjersti Høklingen, Real Estate
  • Cathrine Laksfoss, Recommerce
  • Hanna Lindqvist, Technology
  • Ruben Søgaard, Marketing & Sales
  • Ragnar Kårhus, People & Communications (acting)

CFO Per Christian Mørland continues in his role, while Sven Størmer Thaulow, EVP Foundation (a segment Schibsted says has yet to be formally named) will undergo a role change as he is already in the business.

Halvorsen said:

"I’m really pleased to present this team of talented people, which is fit-for-purpose for our exciting future as a more focused marketplaces company. Together, we will unleash the full potential of the new company by building on our strong positions and product offerings while simplifying and streamlining the organisation and our cost base.

"A key principle as we designed the organisation was to give more strength and autonomy to our verticals, as we strengthen our focus on the strategic opportunities within them."

Meanwhile, Schibsted has also been heavily involved in the ongoing Adevinta acquisition by Permira and Blackstone—Schibsted is a significant shareholder in Adevinta, with a stake worth $3.6 billion.

Furthermore, Schibsted has also announced that it has taken a 10% stake in Norway's market-leading classifieds marketplace,

Schibsted recorded steady revenues in its Q1 filings released in April 2024, with Group revenues dipping marginally to NOK 3.79 billion ($344 million), a 1% decrease on Q1 2023.

June 11, 2024
Harvey is an experienced property journalist and copywriter. He has written about the property industry since 2015, starting at The Property Franchise Group in the UK, before moving to Spain to work for Spotahome. He has blogged for the private rented sector, ghostwritten for UK property experts and written case studies for franchise owners around the UK. Harvey joined Online Marketplaces as a News Editor in 2022.

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