The Schibsted share price “heads for the sky”, a headline on Norwegian news site Dn.no, screamed this morning in anticipation of the Q1 report released today. As it turned out, the price did climb. Despite the fact that Schibsted didn't deliver on analysts' expectations in Q1.
Schibsted took a major step forward in Latin America by acquiring Telenor's stake in Brazil and assuming full control at Chile's No. 1 horizontal site Yapo.cl. At the same time, it exited some Asian markets.
Digital media firm 701Search, a three-way joint venture between Singapore Press Holdings, Norway’s Schibsted Media Group and Telenor, launched Xe.chotot.com, an automotive classified site, to further exploit the $2.7 billion U.S. used-car market of Vietnam.
A documentary in Norway portrayed Schibsted as a company which buys start-ups to get its hands on technology, only to renege on a promise to spend money on marketing. Schibsted defends itself but only manages to slip deeper into the quirk mire.
Schibsted must be one of the best - if not the best - ambassadors of the global classifieds industry, thanks to the excellent way it explains how the world benefits from buying and selling used goods. In 2016, the traders on eight of Schibsted's classifieds sites saved 16.3 million tons of greenhouse gas emission, the company said in a news release.
Interactive Advertising Bureau (IAB) Belarus, and leading classified sites in Belarus said total turnover in the classifieds industry of Belarus grew 17 percent to $9.3 million U.S. in 2016 from 2015.
For a long time, Christian Printzell Halvorsen (43) had been one of the top earners at Schibsted, making NOK 6.3 million in 2015 ($736,000), including benefits. Earlier this month, he quit the company in a low-profile way, with a short announcement to his network of 1,379 connections on LinkedIn.
OLX Brazil, Brazil’s No. 1 horizontal site, launched a property site called Storia Imoveis to strengthen its real estate classified business.
Last week financier Mats Qviberg and his company Custos bought Metro Sweden from Kinnevik for a mere SEK 50 million ($5.5 million U.S.). The deal concerns only the Swedish part of Metro. Kinnevik remains owner of the international part - which is still for sale.
The valuation of classifieds is a multimillion-dollar game, which landed in the spotlight in Norway recently, where the media company Polaris Media, publishers of newspapers in northern Norway, is struggling hard to make ends meet - as most newspaper companies do these days.