A new major player in local media is emerging in Finland. Ilkka Oyj and Kaleva Oy have signed a share exchange agreement under which the companies will combine their media businesses. As part of the transaction, I-Mediat Oy, a subsidiary of Ilkka Oyj, will be transferred to the ownership of Kaleva365 Oy, with Ilkka Oyj becoming a 35% shareholder in the combined entity. Kaleva Oy will own the remaining 65%. The aim of the arrangement is to strengthen the continuity, quality, and independence of regional news media while enabling significant investments in the development of digital media.
The new entity will comprise 22 strong local media brands and have pro forma revenue of approximately EUR 62 million based on 2024 figures. The company will employ around 350 people, all of whom will continue in the service of their current employers.
The combination of Ilkka's and Kaleva's media businesses will strengthen the position of regional media in Finland and create even better opportunities to develop local journalism and technologically advanced digital services.
BDO acted as Kaleva's lead financial and tax advisor in the transaction.