Sanoma Corp. has sold its movie operations to Swedish private equity firm Ratos in a deal valued at 116 million euro ($172.4 million). This is the second recent deal announced by the media company. Sanoma also said it would sell its Finnish literature business to Swedish media group Bonnier, while buying educational publishers Tammi Learning and Bonnier Utbildning from the same company.
Sanoma announced the divestment of its movie operations to the Swedish private equity company Ratos AB on 21 March 2011. Both the Finnish and Latvian competition authorities have given their approval of the transaction and the deal is now completed.
The enterprise value of the transaction is EUR 116.0 million. Sanoma will record a non-recurring capital gain of approximately EUR 50 million in its second quarter 2011 result.
Sanoma inspires, informs and connects. As a diversified media group, we bring information, experiences, education and entertainment to millions of people every day. We make sure that quality content and interesting products and services are easily available and meet the demands of our readers, viewers and listeners. We offer a challenging and interesting working environment for nearly 20,000 people in over 20 countries throughout Europe. In 2010, the Group’s net sales totalled EUR 2.8 billion.