Frettabladid back to 365media

Free Icelandic paper Frettabladid is back in the hands of Icelandic media group 365media and its owner Jón Asgeir Jóhannesson.

Jóhannesson, chairman of investment group Baugur, raised 6.4 billion Icelandic Krona (€40m), to buy the paper back from Posthusid Arvakri, publisher of paid paper Morgunbladid.

(Kristine Lowe already blogged on this story three weeks ago – somehow I missed it. There are other useful links in her story as well.)

Frettabladid was launched in 2001 and became the best-read paper in country. In 2005 a second free paper, Bladid, was launched by Morgunbladid publisher Arvakri. This paper was renamed 24 Stundir in October 2007.

After the credit crisis hit Iceland both publishers agreed to merge, with Frettabladid remaining as the only free daily. 24 Stundir was closed on 10 October 2008. (see previous post)

365media was an expanding media company in 2006/2007 when it launched free daily Nyhedsavisen in Denmark and Boston Now in the US. The US paper closed down in April 2008; Nyhedsavisen was sold to an independent investor around the same time and went bankrupt in September of last year.

One Response to “Frettabladid back to 365media”

  1. Newspaper Innovation » Blog Archive » Frettabladid cuts costs and sacks editor Says:

    [...] Second free daily 24 Stundir (launched as Bladid in 2005 and owned by paid paper Morgunbladid) closed in 2008 while the leading free daily Frettabladid (home delivered, 7-days-a-week paper at that time) was to be sold to Morgunbladid. As the competition authorities did not approve of the sale, 365Media kept publishing Frettabladid (see previous post). [...]