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Digital newspaper service Readly states in a press release that it has terminated its publishing agreement with Aller Media and Bonnier News also intends to terminate its publishing agreements with the company.
Readly adds that this does not affect the commitment of the eight anchor investors who pledged to subscribe for SEK 390 million shares during the listing.
“Naturally, we are disappointed that our readers appreciate the magazines involved, but this event also underscores the strength of having 800 editorial partners, which is an important part of our strategy. We are determined to continue the dialogue with Aller and Bonnier. We hope to find a solution to ensure that our customers can continue to access these magazines on their preferred platform without interruption, “says the CEO of Readly. Mary Hedengren.
The agreement with Aller expires in March 2021. The agreements with Bonnier are expected to expire on different dates up to and including the second half of 2021, and the Bonnier content would be phased out during this time period.
Dagens Industri writes that it is “strong setbacks” that are now hitting Readly ahead of the listing.
According to Readly, the terminated deals do not affect financial objectives or strategy.
However, for regulatory reasons, the company has had to prepare and submit an additional prospectus to the Swedish Financial Supervisory Authority. It is expected to be published immediately after approval by the authority.
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