News

COPENHAGEN, March 22 (Reuters) - Norway's Schibsted SCHA.OL said on Friday it plans to return 24 billion crowns ($2.24 billion) to shareholders through a 20 billion dividend and a multi-year 4 billion buyback programme.

Schibsted said in a statement the money makes up the bulk of proceeds from its sale of a 60% stake in Adevinta and from the the sale of its media operations to its main owner Tinius Trust.

Schibsted expects to receive 29 billion crowns in total from the two divestments.

Its shares rose around 8% in early trade at Oslo's stock exchange.

The remaining 5 billion crowns from the proceeds will be used to reduce debt, it said.

($1 = 10.7208 Norwegian crowns)

($1 = 10.7311 Norwegian crowns)

(Reporting by Louise Breusch Rasmussen, editing by Anna Ringstrom)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.