Bonnier News has become the main owner of Readly, the Swedish digital newspaper and magazine subscription service. Bonnier now owns 75.4% of the shares in Readly after a recommended public tender offer to shareholders.
Following a strategic partnership struck in December 2022 between Bonnier and Cafeyn Group, the non-Nordic businesses of Readly will be transferred to Cafeyn with the ambition to build an international leader in media streaming solutions.
“We look forward to step in as the main owner of Readly with 75.4 per cent of the shares and, within that role, work towards driving through measures that we believe are right for the company,” said Anders Eriksson, President and CEO of Bonnier News Group AB.
“Readly currently has a strong and well-functioning product but has limited growth, lack of profitability, and is in a situation with a stretched cash position as a result of several costly growth initiatives in recent years.
“Our assessment is therefore that the continued strategy should focus on the core business, with a reduced focus on growth, which is necessary to secure a future for Readly regardless of the form of ownership. As we have previously communicated, we still believe that the company would benefit from being in a private environment and will therefore continue to work to achieve an ownership corresponding to over 90% of the shares.”
According to Cafeyn, its agreement with Bonnier News represents an “exciting opportunity for Cafeyn to build a European champion and an international leader in news streaming services outside the Nordic region”.
While an exact timetable has not been said, Bonnier News and Cafeyn will proceed with the transfer of Readly’s non-Nordic businesses to Cafeyn “as soon as practically possible”.
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