Sanoma acquires its rival Alma Media Publishing
Now the market leader in print media also owns the second largest group in Finland, parent company of Aamulehti, Satakunnan Kansa and 13 other publications.
It is official. Alma Media CEO, Kai Telanne, and Sanoma CEO, Susan Duinhoven, announced the deal at a press conference today. Sanoma has bought Alma Media Publishing.
The purchase price is 115 million of euros and it also includes Alma Manu, a printing company. Therefore, Aamulehti, Satakunnan Kansa and other thirteen smaller publications (mainly magazines) in Pirkanmaa and Western and Central Finland will be transferred to Sanoma.
According to the announcement, newspaper publishers and news brands will continue to operate independently under their own editorial staff.
The acquired businesses have 365 employees, who will be transferred to Sanoma as a part of the business once the transaction is completed. The purchase is subject to approval by the Finnish competition authority and it is is expected to be completed this year.
Risk of media concentration, risk of losing the job
Susan Duinhoven, President and CEO of Sanoma, assures that there is no need for newspaper staff to worry about their jobs. "We do not aim for integration through trade. Rather, it is about learning and working together in a growing digital market," says Duinhoven.
Kai Telante, CEO of Alma Media, considers the deal to be good for both groups and he does not see the acquisition as an increasing media concentration in Finland. He does not think either that it is a problem that one media giant group will disappear from the market.
These magazines will be transferred to Sanoma:
- Satakunnan Kansa
- Janakkalan Sanomat
- Jämsän Seutu
- Kankaanpään Seutu
- Nokian Uutiset
- Tyrvään Sanomat
- Valkeakosken Sanomat
Photo included in this article by Sektori.