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International Internet Magazine. Baltic States news & analytics Friday, 25.04.2025, 07:03

Finnish Sanoma sells "Forum Cinemas"

Nina Kolyako, BC, Riga, 22.03.2011.Print version
The Sanoma Trade division of the Finnish media company Sanoma Group will sell its movie operations in Finland, Estonia, Latvia and Lithuania to the Swedish private equity company Ratos AB for EUR 116 million (LVL 81.5 million), according to the company's report to the NASDAQ OMX Helsinki stock exchange.

The transaction is subject to the approval of the Finnish and Latvian competition authorities. The approvals are expected during April, informs LETA.

 

The transaction includes the shares of Finnish company Finnkino Oy and its subsidiaries AS Forum Cinemas, SIA Forum Cinemas, UAB Forum Cinemas as well as three properties related to these businesses in Finland and in Latvia.

 

This transaction is in line with Sanoma's strategy to focus its operations and to concentrate on consumer and business-to-business media and learning solutions.

 

"The media landscape is rapidly changing. To be able to respond to these changes and to win in the new marketplace, we will increase focus on consumer as well as business-to-business media and learning solutions," says Harri-Pekka Kaukonen, President and CEO of Sanoma.





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