Media

Schibsted waxes biblical: extends IPO postponement for seven years

Kristine Lowe

12 Oct 2008 — 1 min read

It seems Schibsted is not one to put its money on a quick economic recovery, at least not if we're to judge from the announcement
the media company made this week recommendending the IPO of Media Norge is
postponed.

It should take place within seven years after the merger between Schibsted's national Aftenposten and regionals Faedrelandsvennen, Bergens Tidende and Stavanger Aftenblad is carried out, when market conditions are more suitable, said the company. The recommendation is 'based on how in terms of good and bad cycles, seven lean years tend to follow seven fat years, and in that lies a decision to postpone listing the company on the stock exchange for seven years', Jan Einar Greve, chairman of regional newspaper Bergens Tidende, told Dagens Naeringsliv (article not online).
Of course, some say this cycle - seven lean years followed by seven fat years followed by... - has been running since the Old Testament (Genesis 37-455.) Paul Fifield, for one, repeats this belief in a talk on recessions as a marketing opportunity , which rings true with my flimsy memory of that part of the Bible too. It doesn't quite match my recollection of the last decade however, but that's a different matter. I'm sure there are great biblical sayings for erring on the side of prudence as well, even though they escape me right here and now.

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