Ole Jacob Sunde, chairman of Schibsted, emphasises the urgent need for media companies to balance long-term sustainability with a culture of innovation and risk-taking.
The evolving media landscape demands both financial resilience and a culture that embraces change, according to Ole Jacob Sunde, chairman of Schibsted Media and the Tinius Trust.
In an article reflecting on recent transformations at Schibsted, Sunde argues that the survival of quality journalism depends not only on independence from short-term profit demands, but also on the courage to experiment and invest in new models.
“Journalism costs money,” he wrote. “Schibsted and the media houses must be able to pay their own bills to be truly independent. This is not a sign of weakened ideals, but a prerequisite for their long-term survival.”
His remarks come amid one of the most significant restructurings in the company’s history. Schibsted recently completed a split that saw its media and marketplaces businesses become two separate entities – Schibsted Media and Vend – following years of market scepticism about the hybrid model. Around 250 jobs were cut as part of the reorganisation.
At the same time, Schibsted has acquired Telia’s TV and media business, and announced plans to accelerate digital transformation, including the use of artificial intelligence to better serve audience needs.
Sunde acknowledged the scale of these changes but insisted they were essential. “The old listed Schibsted – which combined marketplaces and journalism in one group – was no longer in step with developments,” he said. “The platform economy changed the rules of the game, and a more specialised company structure was necessary. The split has not weakened ownership, but has made it clearer.”
Since the Tinius Foundation became Schibsted Media’s sole owner last year, it has taken a more hands-on role in shaping the group’s strategic direction. While the foundation does not demand short-term financial returns, Sunde said it expects “an aggressive approach to new business models, products and user needs”.
He cited the recent call by Ole J. Mjøs in Aftenposten for media companies to “think new things, to invest and to take risks when necessary” – and endorsed it. “Schibsted must still dare,” he wrote, describing this as part of the company’s DNA.
He also underlined the need for realism in facing external threats. “Artificial intelligence and the financial incentives of global tech companies are challenging both the information economy and journalism’s place in society. User patterns are changing rapidly. The economy is under pressure. Credible sources of information are more important than ever.”
Source: Noah Wire Services
