Baugur Chairman to Invest in 365 Media Skip to content

Baugur Chairman to Invest in 365 Media

Jón Ásgeir Jóhannesson, chairman of Baugur Group, has expressed interest in purchasing 365 Media through his company Raudsól. Apparently, the primary owners of 365 are no longer interested in Árvakur overtaking the publication of the Fréttabladid daily.

Jón Ásgeir Jóhannesson. Photo by Sigurdur Jökull Ólafsson. Copyright: IPA.

According to earlier reports, Árvakur, which publishes Morgunbladid daily, would take over the publication of Iceland’s other major daily, Fréttabladid, and instead 365 would acquire a 36.5 percent stake in Árvakur.

The publication of the two newspapers would thus have merged, although they would have continued to have independent editorships.

The owners of 365 have agreed to Jóhannesson’s plans, that Raudsól should acquire the media operations of 365 for ISK 1.5 billion (USD 12.5 million, EUR 9.7 million) and in the process takes over debts worth ISK 4.4 billion (USD 36.6 million, EUR 28.6 million), Morgunbladid reports.

These plans have not been finalized.

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