Schibsted and Trader Classified Media

Reuters is reporting that Schibsted, Norway's largest media group, has agreed to acquire Trader Classified Media's Western European and Latin American units for 580 million euros, or US$746.7 million. "Among Trader Classified's properties are Spanish online job site InfoJobs.net and French car advertiser La Centrale. Schibsted owns the '20 Minutes' free papers in those countries," according to the Reuters report. With newspaper print circulation falling, the purchase is widely viewed as an intelligent move to shore up growing online classified revenues. Previously, as reported by TKG, Trader sold its North American assets to Yellow Pages Group of Canada.