APA and SDA buy Keystone picture agency
The Austrian Press Agency (APA) and the Swiss News Agency (SDA) are taking over the Swiss photo agency Keystone. As of January 1, the Austrian agency will hold 60 percent of Keystone, the Swiss SDA 40 percent. The sellers are the previous main shareholders Walter Grolimund and Thedy Hummel.
The Austria Press Agency (APA) and the Swiss News Agency (SDA) are taking over the Swiss picture agency Keystone. The previous main shareholders of Keystone, Walter Grolimund and Thedy Hummel, have agreed to a sale as of January 1, 2008. The purchase price was not disclosed. The current CEO Walter Grolimund will remain with the photo agency as operational Chairman of the Board of Directors. The Austrian APA is taking over 60 percent of the shares in Keystone, SDA 40 percent. "The fact that we are only taking over a minority stake is ultimately a financial issue," said SDA editor-in-chief Bernard Maissen when asked by Werbewoche. APA has a completely different strategy and has been growing for several years through acquisitions, but so far on a national level. "We have regulated our concerns contractually with APA," says Maissen. In addition to the Chairman of the Board of Directors, Walter Grolimund, two members of the management of SDA and two members of the management of APA will sit on the Board of Directors of Keystone in future. "This will allow us to exert influence," explained the SDA editor-in-chief. In addition, a partnership-based relationship is maintained with APA.
The two news agencies have agreed to continue Keystone as an independent company with the current management and staff. With this takeover, SDA wants to secure its entry into the image business, while APA wants to continue its international growth strategy. Both agencies are convinced that the image will continue to gain in importance in the future.
Thanks to the takeover of Keystone, SDA intends to give "very serious thought" in future to whether it also wants to become active in the area of video for online portals, as Maissen went on to explain. However, it is not conceivable that the video offering will take on the scope of the basic service for the media. "That would only be a small part of our offering," said Maissen.
The Keystone photo agency was founded in 1953. In 1990, Thedy Hummel and Walter Grolimund took over the majority of shares. Walter Grolimund has headed the agency as CEO ever since. Keystone supplies almost all Swiss media and also counts advertising agencies and companies among its clients. It also includes the press photo service Photopress. According to Keystone, it generates sales of around CHF 15 million with 90 employees at eleven locations.
Hans-Heinrich Coninx, former Chairman of the Tamedia Board of Directors and current Chairman of the SDA Board of Directors, is satisfied with the acquisition: "This takeover is very important for SDA and the Swiss media, and we are very happy with this solution."
The two news agencies have agreed to continue Keystone as an independent company with the current management and staff. With this takeover, SDA wants to secure its entry into the image business, while APA wants to continue its international growth strategy. Both agencies are convinced that the image will continue to gain in importance in the future.
Thanks to the takeover of Keystone, SDA intends to give "very serious thought" in future to whether it also wants to become active in the area of video for online portals, as Maissen went on to explain. However, it is not conceivable that the video offering will take on the scope of the basic service for the media. "That would only be a small part of our offering," said Maissen.
The Keystone photo agency was founded in 1953. In 1990, Thedy Hummel and Walter Grolimund took over the majority of shares. Walter Grolimund has headed the agency as CEO ever since. Keystone supplies almost all Swiss media and also counts advertising agencies and companies among its clients. It also includes the press photo service Photopress. According to Keystone, it generates sales of around CHF 15 million with 90 employees at eleven locations.
Hans-Heinrich Coninx, former Chairman of the Tamedia Board of Directors and current Chairman of the SDA Board of Directors, is satisfied with the acquisition: "This takeover is very important for SDA and the Swiss media, and we are very happy with this solution."
