Cafeyn and Bonnier News Group AB have announced a new strategic partnership to acquire the non-Nordic activities of Swedish company Readly International AB, one of the main digital media subscription platforms in Europe.
In a statement, Cafeyn – a pioneer in digital information streaming in Europe – said the goal of the partnership was to “build a European champion and international leader in media streaming solutions outside of the Nordic region with a significantly enhanced offering for both publishers and consumers”.
Bonnier News Group AB, the largest news media company in the Nordics, announced the recommended public tender offer to the shareholders of Readly International AB, with the independent bid committee of Readly unanimously recommending Readly International AB’s shareholders accept the offer.
In parallel to Bonnier News Group’s offer for Readly, Cafeyn and Bonnier News Group have entered into an agreement where Bonnier News Group, upon completion of the offer, will transfer the non-Nordic businesses of Readly to Cafeyn.
Cafeyn said the agreement with Bonnier News Group – and a potential completion of Bonnier News Group’s offer for Readly – is an opportunity to take a major step forward and significantly accelerate its growth and internationalisation, leading to the creation of a “European champion and an international leader in media streaming solutions for news and media brands, with a footprint in the largest European markets outside of the Nordic region, with a strong foundation for growth in North America”.
The combined platform would aggregate more than 7,000 publications from across the world and offer ways for customers to access media content amid profound changes in the ways of consuming news.
“Upon a completed offer and through the agreement with Bonnier News Group, Cafeyn would acquire Readly’s non-Nordic businesses and create a leading global player, with strong European roots, in streaming solutions for media content. A combination of Cafeyn’s and Readly’s respective businesses will be the best possible partner for publishers in their efforts to develop new monetisation opportunities and acquire new audiences,” said Ari Assuied, CEO of Cafeyn Group.