Cafeyn Group has announced it’s in the process of acquiring the non-Nordic activities of Swedish digital magazine subscription service Readly. The move is part of a strategic partnership with Bonnier News, which recently became the main owner of Readly after a recommended public tender offer to shareholders to acquire all shares of the company.
Cafeyn, a pioneer in digital information streaming in Europe, said the partnership with Bonnier – which now holds a total of 75.4% of the shares in Readly – represented an exciting opportunity to build an “international leader in news streaming services outside the Nordic region”.
Over the last few years, Cafeyn has initiated a diversification and internationalisation strategy through the acquisitions of Blendle in the Netherlands, Kidjo in the United States, and miLibris in France and Canada. The company said the combination of the activities of Readly and Cafeyn would offer the opportunity to significantly accelerate its development and expansion plan.
“The future transfer of Readly’s non-Nordic activities to Cafeyn will create a European champion and opportunities for publishers to monetise their content to a wider international audience while also supporting quality journalism,” said Ari Assuied, CEO of Cafeyn Group. “Furthermore, Cafeyn’s and Readly’s users will benefit from greater access to reliable, varied and quality information in innovative formats.”
While an exact timetable has not been set, Bonnier News and Cafeyn will proceed with the transfer of Readly’s non-Nordic businesses to Cafeyn “as soon as practically possible”.
Cafeyn has more than 2.5 million users in France, Belgium, the Netherlands, the UK, Luxembourg, Italy, Canada, Ireland and the USA. The group has also established collaborations with over 500 publishers and content providers worldwide, providing access to nearly 3,000 newspapers, magazines, news feeds and other pure player content brands such as Business Week, Time Magazine, The Guardian, Paris Match, Libération, Elle and Süddeutsche Zeitung.
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