Sanoma divests its stake in De Vijver Media and regains full ownership of HUMO in Belgium
Sanoma Corporation, Stock Exchange Release, 17 June 2014 at 08:45 CET+1
Sanoma has come to an agreement with Corelio and Waterman&Waterman to sell its 33.3% stake in Belgian media company De Vijver Media. Also, Sanoma will regain full ownership of the flagship magazine brand HUMO.
As part of the redesign communicated on 31 October 2013, Sanoma announced a strategic review of its media assets in several countries including Belgium. As one of the outcomes Sanoma will sell its 33.3% stake in De Vijver Media to Corelio and Waterman&Waterman for EUR 26.5 million. Sanoma has been investigating the best future options for its ownership in De Vijver Media, which consist of TV network SBS Belgium and TV production company Woestijnvis. These assets are best served by a new owner, allowing Sanoma to focus on the digital transformation of its core media brands.
As part of the arrangement, Sanoma buys 100% of the shares of HUMO NV, to regain, with immediate effect, full ownership of the company. Stake of HUMO was originally transferred to De Vijver NV with a transaction between the parties in 2010. HUMO NV publishes Sanoma’s Belgian flagship brand HUMO.
At the closing Sanoma will recognize a non-recurring capital loss of around EUR 20 million. The transaction is subject to the approval of the European competition authorities. The closing is expected to take place in the third quarter of 2014. The entire transfer should be finalised before the end of 2014.
Sanoma Media Belgium (including HUMO NV) will continue to focus on the digital transformation of its core media assets. The strategic review of Sanoma Media Belgium is continuing at the same time and Sanoma will not comment on its progress whilst the process is continuing.
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