Stella Capital Advisors is pleased to announce that it acted as exclusive financial adviser to Egmont on its acquisition of the remaining 50% in Norwegian TV 2 for NOK 2.1 billion (EUR 274 million), making TV 2 a wholly-owned subsidiary of Egmont.
Egmont will pay a cash amount of NOK 2.1 billion (EUR 274 million) for the 50% of TV 2 owned by A-pressen A/S. Egmont now owns 100 % of Norway's largest commercial broadcaster.
Egmont acquires the rest of Norwegian TV 2
Egmont increases its ownership from 50 to 100 % of Norway's largest commercial electronic media house. The price is 2.1 billion NOK (274 million EUR). Egmont makes a strategic leap towards more TV in its business.
"As co-founder and part-owner of TV 2 through more than 20
years, Egmont has always been concerned with the long-term
development of TV 2. As TV is a key element in our strategy, it was
an obvious choice for us to purchase. Today, Egmont makes a
significant strategic leap towards more TV and more live pictures
in our business. TV 2 is now a wholly-owned subsidiary of Egmont,"
says Steffen Kragh, CEO of Egmont.
In 2010 TV 2 had the most profitable annual result so far, and the
goal is to continue the positive development for TV 2The
acquisition does not in itself cause changes for TV 2.
"We wish that TV 2 continues its focus on news, sports and
entertainment. This is a natural consequence of the fact that 7 in
Norwegians choose TV2 as their media outlet for these types of
content on TV and online every day. Egmont guarantees that TV 2
still is an independent media house with a local Norwegian profile
and that TV 2 continues to build good and close relations to the
Norwegian people," says Steffen Kragh.
Chairman of the board in TV 2 and Egmont CFO, Hans J. Carstensen,
adds:
"TV 2 is not only a TV channel but a media house that brings
content to numerous platforms. Egmont will - as always - support
all the big focus areas and investments in TV 2. We are committed
to local, Norwegian management. As owners, we are 100 % behind TV
2's agreement with the Norwegian state, which means that TV 2 is a
public service media house with its head office in
Bergen."
Egmont pays a cash amount of 2.1 billion NOK (274 million EUR) for
the 50% of TV 2 previously owned by A-pressen. Egmont now owns 100
% of Norway's largest commercial electronic media house. Egmont was
co-founder of TV 2 in 1991.
"As we now sell our part of TV 2, we are content to sell to a
company, which has a comprehensive knowledge of TV 2, and which has
shown over the years that they are a solid and long-term co-owner,
who respects editorial freedom and publicistic principles," says
Thor Gjermund Eriksen, CEO of A-pressen.
There will be a press conference at TV 2 headquarters in Bergen at
10:00 a.m. today with the presence of Egmont CEO Steffen Kragh,
Egmont CFO and chairman of the board of TV 2 Hans J. Carstensen
along with managing director and editor-in-chief of TV 2 Alf
Hildrum.
The Danish press is offered phone interviews briefly after the
press conference. For an appointment, please contact Media
Relations Manager Mikkel Løndahl, mobile + 45 21 15 49 25.
About Egmont
Egmont is a leading media group in the Nordic region. Our media
world spans magazines, books, films, cinemas, interactive games and
TV. Egmont publishes media in more than 30 countries, has 6,500
employees and generates revenue amounting to EUR 1.4 billion.
Egmont encompasses Scandinavia's largest film company, Norway's
largest magazine publisher, book publisher and commercial TV
broadcaster as well as the largest children's publishers in
Scandinavia, Germany, Poland and Russia. Egmont is a commercial
foundation which invests a portion of its profits to help give
children and young people a good life. Every year, Egmont invests
about EUR 6.5 million in the charitable activities.
Egmont in Norway
Egmont established its first business, A/S Hjemmet, in Norway 100
years ago - in 1911. Since then the activities have grown and
today, Egmont's presence in Norway is comprised by its ownership of
the magazine publisher Hjemmet Morten, of Nettavisen (50 %
ownership), of book publishing house Cappelen Damm (50% ownership),
and finally, Egmont Serieforlaget and Nordisk Film
Norway.
Milestones for Egmont's activities in
Norway:
1911: A/S Hjemmet was founded in Oslo, and the
weekly magazine Hjemmet was published in a Norwegian edition for
the first time.
1948: Egmont starts out as a children's'
publisher with Donald Duck & Co.
1969: Hjemmet's book publisher was founded. It
later changed name to Damm and is today part of Norway's largest
publishing house, Cappelen Damm.
1991: A/S Hjemmet merges with Okla.'s Ernst G.
Mortensen Publishing House. Hjemmet Mortensen becomes Norway's
biggest publisher of weeklies and magazines.
1991: Egmont establishes TV 2 together with among
others Vital Forsikring and Schibsted.
1995: Nordisk Film Norway is established with a
focus on production of TV-series and movies. It later expands with
businesses for film distribution and interactive gaming (via its
Nordic distributions rights to Sony PlayStation).
2006: Egmont increases its ownership of TV 2 from
33% to 50%.
2006: Egmont takes over 50% of Nettavisen from TV
2 - A-pressen takes over the remaining 50%. Nettavisen is Norway's
first online newspaper and the only one established without
connection to a printed newspaper.
2007: Norway's largest book publisher, Cappelen
Damm, emerges as a fusion between the publisher N. W. Damm &
Sønn and J.W. Cappelens Forlag. Cappelen Damm is owned in equal
parts by Egmont and Bonnier.
2008: Egmont acquires the remaining 40 % of
Hjemmet Mortensen from Orkla and becomes sole owner.
2011: Hjemmet Mortensen changes its name to
Egmont Hjemmet Mortensen.
Source: Egmont.com