Yahoo! withdraws from Zed
- 2004-01-14 11:01 UTC
Yahoo! withdraws from Zed
TeliaSonera has today confirmed Yahoo! Inc has exercised its option to
sell back to TeliaSonera the original investment of 15 percent equity
interest of Sonera Zed Ltd, that was granted in 2002. The transaction is
made with the same terms as in 2002.
Zed is a leading provider of entertainment, communications and
information services for mobile devices. Yahoo! announced in August 2002
it had acquired 15 percent of Zed along with the right, but not
obligation, to acquire the remaining interests in Zed not held by
Yahoo!, over a two year period, or to withdraw from the transaction.
Yahoo! and Zed will maintain their commercial agreement to provide co-
branded mobile services, including ring tones and Java games, across
The financial details of the transaction were not disclosed.
"We will continue to source another investor for Zed, which is not
included in TeliaSonera's core operations. Zed has demonstrated strong
growth recently with a positive EBITDA and nearly doubled sales in 2003,
which makes it a very interesting investment opportunity," said Kim
Ignatius, CFO of TeliaSonera.
Zed provides entertainment, communication and information services for
mobile devices via direct relationships with 17 operators in six
countries. As of September 2003, Zed had an average of 5 million active
customers per month, who execute approximately 35 million commercial
transactions per month. Zed's suite of products includes ring tones,
logos, picture messages, games, chat, sports, directory, stock quotes,
traffic reports, pranks, horoscopes, news, finance, movie guides,
currency converters, and restaurant guides. Zed was launched and started
in Finland in October 1999. Zed has undergone a heavy restructuring
during 2001 and has 170 employees.
For further information journalists can contact:
TeliaSonera´s Press Service, +46-(0)8-713 58 30
Yahoo! Europe, Sue Jackson, email@example.com, + 44 207 808 4526
Statements made in the press release relating to future status or
circumstances, including future performance and other trend projections
are forward-looking statements. By their nature, forward-looking
statements involve risk and uncertainty because they relate to events
and depend on circumstances that will occur in the future. There can be
no assurance that actual results will not differ materially from those
expressed or implied by these forward-looking statements due to many
factors, many of which are outside the control of TeliaSonera.
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