Schibsted and Mittmedia cooperate – Swedish Dagbladet

– Our intent is to build a strong new alliance in the Swedish media market, where the newspapers that will be part can further strengthen its position, says Raoul Grünthal, CEO of Schibsted Sweden, according to a press release .

According to a Letter of Intent, a Letter of Intent refers My Media and Schibsted to collect their morning newspapers on the Swedish market in a new group. My Media will have a stake of 70 percent and Schibsted 30 percent.

– Schibsted will be an active owner in the future media group. We will continue to be engaged in the Swedish newspaper Svenska Dagbladet development, says Raoul Grünthal.

My Media’s Chairman Leijonborg see the advantages of a common group:

– We must become even stronger in the net and it requires resources.

A major reason for the merger is to Mittmedia want to get more resources to invest in digital format. According to CEO Thomas Peterssohn there are huge efficiency gains by joining forces.

– It is necessary to undergo digital transformation of newspapers. It will require resources, and then it is better to do things together. Schibsted is a player that invest heavily in digital platforms and we believe that such a group will be able to take advantage of it, he said.

According to media analyst Olle Lidbom the deal in line with Schibsted’s strategy to reduce its involvement in the media and focus on digital services.

– The most obvious is well that Schibsted will no longer be an active owner in the Swedish newspaper Svenska Dagbladet, that is, to Schibsted selling Swedish newspaper Svenska Dagbladet, that’s basically what happens, he says.

Lidbom points to Schibsted’s bid for bostadssöksajten Hemnet other week as part of the same strategy. My Media has in recent years invested heavily in local newspapers and coordinated editorial offices.

– There is a clear strategy on their part to be a local owner, the place’s not down newspapers, one that you should do it with the coordination and fewer resources, says Lidbom.

According Peterssohn are in the present situation no plans to reduce the number of services, but he still expect that there will be more “cost savings” in the how the industry looks.

Peterssohn see not problems with major media groups.

– I think on the contrary that it is necessary to ensure that journalism is a business model in the future. Journalism is threatened in the long term.

My Media includes newspapers Gefle Dagblad, Arbetarbladet, Dalarna Tidningar, Dala-Democrat Hudiksvalls Tidning, Söderhamns Courier, Ljusnan, Ljusdals-Posten, Östersunds-Posten, the local newspaper, The newspaper Herjedalen, Sundsvall Tidning newspaper Ångermanland Örnsköldsvik Allehanda.

In the new group includes the My Media’s majority shareholding in the subsidiary Promedia, and ten local morning newspapers in central Sweden. In Promediakoncernen included magazines such as VLT, Nerikes Allehanda, Norrtelje newspaper and the local newspaper in Södertälje.