Schibsted ASA (SCH) - Schibsted Media Group takes a stake in Letsdeal.se

Schibsted Tillväxtmedier, a subsidiary of Schibsted Media Group in Sweden, takes a 37.5% stake in Letsdeal.se. A strategic cooperation between Letsdeal.se and the other Schibsted operations is established.

The investment in Letsdeal.se is an important step for Schibsted Tillväxtmedier in order to strengthen the presence within consumer oriented services and market places. The Letsdeal.se concept makes it possible to a larger extent to reach local advertising markets.

Letsdeal.se is an online site that on a daily basis offers at least 50% discount on selected services or goods. If a "deal" gets a sufficient number of buyers it becomes valid. Companies using the service as a marketing channel are in this way guaranteed a certain number of customers. The concept has similarities with Groupon, which has experienced strong growth in USA and parts of Europe.

Today, Letsdeal.se is established in Stockholm, Göteborg and Malmö. Schibsted considers the opportunities for growth to be good, and the company is also considering establishing activities outside of Sweden. Schibsted's existing ­­strong portfolio of online positions has the potential to contribute significantly to the development of Letsdeal.se.

Letsdeal.se was established in 2010 by Alexander Hars and Lars Karlsson. Both are still with the company - Hars as CEO and Karlsson as CTO. The company has around 15 employees.

Contact person:
Trond Berger, CFO. Tel: +47 916 86 695

 

Oslo, 20 December 2010

SCHIBSTED ASA

 

Jo Christian Steigedal

Vice president IR

 

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Published: 12/20/2010 8:00 AM
Last updated: 1/10/2011 8:44 AM