Schibsted ASA

A 183-year-old media institution split itself in June 2024 like a cell entering mitosis, separating news operations from digital marketplaces to create two focused entities. Schibsted Media (owned by Tinius Trust) retained newspapers and journalism, while Schibsted Marketplaces (publicly listed, rebranding to 'Vend' in May 2025) concentrated on classifieds generating NOK 2.015 billion Q1 2025 revenue with 18% EBITDA growth. The division mirrors reproductive fission in organisms where continued growth in combined form creates coordination costs exceeding integration benefits. Post-separation, the marketplaces business reported 20% revenue growth in real estate (42% EBITDA margin) and 49% margins in mobility classifieds, while pursuing territorial expansion through major acquisitions: MTV in Finland and TV4 Media in Sweden (SEK 6.55 billion, completed July 2025) signal ambitions to become the leading Nordic media company despite having just divested newspaper operations. The biological parallel runs through organizational life cycles—aging conglomerates that grew through acquisition in high-growth eras eventually face pressure to specialize as markets mature and investor preferences shift toward pure plays. Schibsted's Nordic marketplaces delivered NOK 5.407 billion in 2023, with 83% from classifieds and 10% from advertising, indicating network effects in two-sided platforms where buyer-seller density in categories like real estate and automotive creates local monopolies resistant to disruption. The post-fission entities can now optimize for different selection pressures: Vend for platform economics and geographic expansion, Schibsted Media for journalistic influence and trust-based revenue. What evolved as a single organism now competes as separate species in different ecological niches.