HELSINKI, April 10 Finnish media company Sanoma
said on Monday it will sell its stake in Dutch
broadcaster SBS to Talpa, the media production company of Dutch
media tycoon John De Mol.
Sanoma, which already owns a stable of Dutch print titles,
will receive 237 million euros ($250.98 million) for its 67
percent SBS stake and full ownership of the television guide
business Veronica Uitgeverij.
Privately-owned Sanoma and De Mol bought the broadcaster for
just over one billion euros in 2011, with De Mol taking a 33
percent stake and Sanoma buying the rest. Far smaller than rival
broadcaster RTL, it has struggled to build up a viewer
"The SBS divestment allows us to accelerate the
deleveraging of our balance sheet and provides much more
financial and strategic flexibility to grow our stronghold
businesses", Sanoma CEO Susan Duinhoven said in a statement.
Sanoma lifted its full-year outlook for 2017 following the
deal, saying its operating profit margin will be above 10
percent for the full year, compared with previous guidance of
margin around 10 percent.
($1 = 0.9443 euros)
(Reporting by Tuomas Forsell; Editing by Kim Coghill)