Alma Media to sell MTV3 and Radio Nova to Swedish media group

Shareholders to get more attractive deal than that offered by Schibsted

print this

The Board of Directors of the Finnish media conglomerate Alma Media plans to propose to an extraordinary general meeting of shareholders to sell the company’s Broadcasting division to Almanova, a new company set up by the Swedish publishing house Bonnier and the investment company Proventus.
      The Broadcasting division, which comprises all of the Finnish television network MTV3, a majority holding of the radio network Radio Nova, and a minority holding in the Swedish TV4, has an estimated value of EUR 460 million.
     
Alma’s announcement immediately led to a rise in the company's shares. On Monday morning the share price had gone up by more than 11% on the Helsinki Stock Exchange.
      Shareholders representing three-quarters of all votes and more than 60% of the shares had announced their support for the deal in advance.
      Alma Media’s Board of Directors said that the extraordinary shareholders’ meeting would be held on January 31st.
     
The board is to propose to the shareholders that Alma Media sell Almanova 100% of its MTV3 shares, and 74% of its shares in the company that runs Radio Nova. The new move by Alma Media is seen to be considerably better for Alma Media shareholders than the one put forward by the Norwegian Schibsted Group.
      "The arrangements will give rise to a strong, more diversely owned media company than before, with good prospects for the future", says Kari Stadigh, deputy chairman of the Board of Alma Media.


Previously in HS International Edition:
  Bid for Alma Media seen as prelude to shake-out in Nordic TV market (22.12.2004)
  Norwegian Schibsted Group seeking to buy Alma Media for EUR 705 million (21.12.2004)

Links:
  OMX Helsinki Exchanges 24.1.05: ALMA MEDIA CORPORATION’S BOARD OF DIRECTORS OFFERS SHAREHOLDERS AN ALTERNATIVE

Helsingin Sanomat