CANNES — Scandinavian media major Schibsted has acquired the 50% of shares it didn’t own in the Nordic region’s leading film company, Sandrew Metronome, for $19.8 million plus half the profits from the sale of SM’s cinema operations in Denmark and Finland.
The takeover from the Anders Sandrew Foundation, announced Friday, comes into force July 1.
Sandrew Metronome runs offices in Stockholm, Oslo, Copenhagen and Helsinki.
Its core businesses are theatrical distribution as well as DVD and online distrib, sales of TV rights and film production.
Schibsted plans to sell Sandrew Metronome’s cinema operations. Last year, the company sold its Swedish cinema operations to independent distributor Astoria Cinemas. Finnish theatres are expected to be sold during 2006.
— Pia Lundberg