This follows Schibsted’s split into two entities last weekend, 185 years after Christian Schibsted started his small printing business in what was then Christiania.
“Friday marked a significant day. We now embark on an exciting new era for our media business, and I am confident that Schibsted Media will stand strong on its own. We have an owner with patient capital, a willingness to invest, and a long-term perspective. Our shared ambition is clear: we aim to become the leading media destination in the Nordics,” says Siv Juvik Tveitnes, CEO of Schibsted Media.
“An Excellent start”
Less than two weeks ago, the board and executive management of Schibsted Media met for the first time. During the two-day gathering, the board received an introduction to the company, an overview of the strategy, and insights into several ongoing projects.
“I believe it was an excellent start, and my impression is that everyone in the executive management gained great confidence in the composition of and collaboration with the new board. And most importantly, if the enthusiasm shown by the board members during the gathering is representative of their future conduct, we are in very good hands,” says Tveitnes.
She explains that the board supports the direction outlined for Schibsted Media through the company’s new strategy. Moving forward, the focus will be on determining where to prioritize first.
“News is and will continue to be our core business – we will deliver independent journalism that strengthens democracy. But to remain relevant and build a broader offering for users, we need to invest more in both entertainment and sports. Traditionally, we are strong in text, but we need to supplement with more journalism and other content in audio and video formats. This is particularly important to provide younger users with a way into our universe,” says Tveitnes.
Tech optimists
Additionally, future media products will be developed with a user-centric approach. This involves leveraging Schibsted Media’s portfolio breadth, tailoring a content offering for each user, and working hard on personalisation for both free and paid content.
“It will be crucial to utilize the latest technology. We certainly won’t be any less optimistic about technology in Schibsted Media than we have been as part of Schibsted. Therefore, we continue to experiment and test with artificial intelligence. We aim to lead the industry in this area while being mindful of the challenges this technology also represents,” says Tveitnes.
However, to achieve the ambition of becoming the leading media destination in the Nordics, Tveitnes indicates that Schibsted Media’s portfolio will likely look different in the future.
“We need to strengthen our presence in the Nordics, primarily in Sweden. This could involve organic growth, partnerships, or acquisitions. The paths we choose will naturally be something we spend a lot of time on with the board,” says Tveitnes.
She emphasizes that a strengthened position will significantly impact both subscription and advertising businesses, which Schibsted Media’s new strategy defines as equally important revenue sources.
“Advertisers will be just as well served after the split. Schibsted Marketing Service will continue to deliver the same services, and all products will remain unchanged throughout 2024,” says Tveitnes.
Cupcakes were served in our offices to celebrate the day!
Over 200 new employees
The establishment of Schibsted Media is also a milestone in the month-long process of internally recruiting employees for areas that Schibsted’s shared functions have previously handled for media houses and marketplaces.
“There are many advantages for us with this split, one of which is that we can now build systems and solutions tailored to a dedicated media company. But we also need more of our own people in technology, finance, and HR to solve these tasks,” says Tveitnes.
In addition to those who already had a natural affiliation with the media business, over 200 Schibsted employees have found a new home in the new media company through this process.
“We have experienced great interest in joining Schibsted Media from those who had a choice. This tells me that our societal mission appeals to many. Regardless of what you work with at Schibsted Media, you will be contributing to ensuring that independent journalism continues to play such an important role in our societies. Our democracies depend on it,” concludes Tveitnes.
Facts: About Schibsted Media
- Operational from June 8, 2024.
- 100% owned by the Tinius Trust, which bought Schibsted’s media business for NOK 6.3 billion. The remaining publicly traded company will be named Schibsted Marketplaces until a new name is determined.
- Media business revenue: NOK 7.6 billion, EBITDA: NOK 567 million in 2023.
- Over 2,500 employees located in Oslo, Bergen, Stavanger, Stockholm, and Helsinki. Additionally, employees at Schibsted Tech Polska (offices in Krakow and Gdansk), share ownership between Schibsted Media and Schibsted Marketplaces.
- Owns brands including Aftenposten, VG, E24, Bergens Tidende, Stavanger Aftenblad, Aftonbladet, Svenska Dagbladet, Omni, and Podme.
- Board of Directors: Kjersti Løken Stavrum (Chair), André Christensen, Ingrid Bojner, Sondre Gravir, Michael Hallén, Hans K. Mjelva (employee representative), Maria Carling (employee representative), and Marita E. Valvik (employee representative).
- Executive Management: Siv Juvik Tveitnes (CEO), Gard Steiro (publisher at VG), Trine Eilertsen (publisher at Aftenposten), Lotta Folcker (publisher at Aftonbladet), Tor Jacobsen (product and subscription), Per Håkon Fasting (advertising), Stine Halla (finance, strategy, legal, and M&A), Markus Rudberg (technology), Grethe Malkmus (HR/people, facility, and communication), Fredric Karén (portfolio in Sweden), Øyulf Hjertenes (portfolio in Norway).
