Thursday, June 23, 2016

Nordstedts Sold to Storytel

Publishers Lunch

Subscription audiobook and ebook streaming service Storytel has acquired Norstedts, Sweden's oldest publisher, for SEK 152 million (or 16.3 million euros.) Nordstedts has been owned by co-operative union and retail group KF since 1997; the 11-year-old Storytel adds Nordstedts to its expanding roster, having acquired Swedish publishers Massolit and B Wahlströms in 2015 and Danish ebook and audio streaming service Mofibo last month.

Storytel, as part of the deal, also acquires Rabén & Sjögren, which has been owned by KF since 1947, as well as Norstedts' wholly owned subsidiaries Böckernas Klubb, Norstedts Kartor, Kartcentrum i Stockholm, and Gammafon Barnmedia. Storytel also takes an ownership stake in associated companies Barens Bokklubb, Pocketförlaget Sverige, Elib, Månadens and Bookinfo. The entire Nordstedts Publishing Group, which employs 100 staffers and publishes Stieg Larsson's Millennium series, David Lagercrantz, and Astrid Lindgren, had overall revenue in 2015 of SEK 435 million (46.8 million euros) and a profit of SEK 37 million (3.9 million euros).

Storytel ceo and founder Jonas Tellander said in the announcement: "This is the perfect deal. With this acquisition we can combine the cutting edge technology behind Storytel with Sweden’s leading book publishing group. Norstedts Publishing Group has a fantastic publishing programme and backlist. Through our streaming service many more people will discover these stories." Nordstedts ceo Otto Sjöberg added: "This acquisition makes us the largest player on new platforms, where we can continue to develop and distribute the best stories. This will be an exciting constellation of both tradition and innovation."

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