Morgunbladid Publisher Gets New Owners Skip to content

Morgunbladid Publisher Gets New Owners

An agreement has been reached on the acquisition of Árvakur publishing house by a group of seven investors led by Óskar Magnússon, which publishes Morgunbladid daily newspaper. This group made a higher offer than other investors.

“We believe we can make a good and profitable business out of this. That is the main purpose of the investors who have joined me in this project,” Magnússon told Morgunbladid.

The acquisition takes place under the name of Thórsmörk, a company in Magnússon’s ownership. The investors’ group will also assume Árvakur’s debts and the purchase of new equity.

The other investors are Gísli Baldur Gardarsson, chairman of Olís oil company, Gudbjörg Matthíasdóttir, chairman of Ísfélagid fishing company in the Westman Islands, Gunnar B. Dungal, former CEO of Penninn bookstores, Pétur H. Pálsson, managing director of Vísir fishing company in Grindavík, Thorgeir Baldursson, CEO of Kvos, an investment company in publishing, and Thorsteinn Már Baldvinsson, CEO of Samherji seafood company.

Magnússon said other investors are welcome to join the group at later stages. Other investors, who were interested in the acquisition in Árvakur and were outbid by Magnússon and his team, include Australian businessman Steve Cosser.

Morgunbladid was first published on November 2, 1913 and has since 1919 been published by Árvakur.

The publisher has not posted profits in recent years and at one point a merger with Iceland’s other major daily, Fréttabladid, was considered.

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