IRELAND’S MOST PROMINENT classified adverts websites are set to come under common ownership.
The deal will see a new business called Digital Media Ventures Ltd created in a partnership between Distilled Media Group – the current umbrella company for Daft.ie and Adverts.ie – and Oslo-based Schibsted Media Group.
This new company will assume ownership of DoneDeal.ie, Daft.ie and Adverts.ie.
Despite the new structure, each of these websites will continue to run as independent entities.
No jobs will be lost as part of the deal and the company expects to be hiring in the coming months.
Companies involved
Schibsted Media Group is an international player in online classified advertising and operates in more than 30 countries. It acquired DoneDeal.ie from original Wexford-based founder’s Fred and Geraldine Karlsson.
Distilled Media Ltd was established by Brian and Eamonn Fallon and also encompasses Boards.ie. In addition to this the brothers control Journal Media Ltd which oversees TheJournal.ie.
Neither of these entities will be affected by the new deal.
Speaking today, Eamonn Fallon, the new CEO of Digital Media Ventures Ltd, said, “Joining forces with Schibsted in this venture creates an online advertising business of scale in Ireland with the capability of competing head to head with the US internet majors.”
CEO of Schibsted, Rolv Erik Ryssdal, said:
We are delighted to combine with Distilled Media and the Fallon brothers in Ireland
Through this new set up we will expand our reach in this exciting market to real estate and we aim to further improve our position in the generalist and car markets.
Revenue
The deal will see Distilled Media and Schibsted each owning a 50% of the shareholdings in Digital Media Ventures Ltd. The combined entity had revenue in the first six months of €9.4 million.
As part of the transaction Tiger Global’s minority shareholding in Distilled Media has been bought out.
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