Bonnier, a Long History of Transfers of Ownership

Home , Bonnier Group, Cappelen Damm, Dagens Nyheter, Tammi (company)

A History of Transfers of Ownership

Näringslivets Hus, March 26, 2010

Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 Passionate Publishers through 7 Generations

Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 The Founder, 1804

Gutkind Hirschel became Gerhard Bonnier

Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 The Bonnier Group 2009:

Bonnier

Broadcasting & Books Business Press Digital Entertainment Magazines Morning Paper Evening Paper

Bonnier Business Bonnier Bold Printing Bonnierförlagen Expressen Bink Homeenter Press International Corporation Group

Bonnier Media Bonnier MTV Media Dagbladet Börsen SF Bio Dagens Nyheter Deutschland Publications

Svensk Bonnier Publishing TV4 Dagens Industri Bonnier Tidskrifter SDS Group Filmindustri

Cappelen Damm Sales: € 3.2 bn, 49% international

Tammi Employees: About 11,000 Operations: 175 companies in 16 countries

Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 Core Values

Passion for Publishing

Commitment of a Family Power of the Individual Company

Freedom of Speech

Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 The Heirloom

Symbolic capital

Social capital

Cultural capital

Balance sheet Financial capital

Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 The Bonnier Group History: 1804–2010 From entrepreneur to family office

Generation Leader Ownership Business Strategy Gerhard 100% Book retailing Monoline 1 1778–1862 Albert 100% Book publishing Backward 2 1820–1900 integration Karl Otto 100% Book + newspaper Related 3 1856–1941 publishing diversification Tor 57% / 3 Book + newspaper + magazine Related 4 1883–1976 publishing diversification Albert 21% / 7 Book + newspaper + magazine Unrelated 5 1907–1989 publishing + filmproduction + diversification Lukas furniture, packaging, ferry, 1922–2004 engineering, etc. Carl-Johan Fragmented / Media Related 6–7 1951– 73 heads concentration Jonas Fragmented / Media Related 1963– 76 heads diversification

Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 9 Generations – 76 Owners 11 working in different positions within the company

1 Gerhard (1778–1862)

2 Albert (1820–1900)

3 Karl Otto (1856–1941)

4 Tor Åke Kaj Generations

5 Albert Jr Johan Lukas Simon Karl Adam Michael Gerard Tomas

6 Charlotte Dan Jaquline Sam Mattias Giacomo Karl Otto Kaj Jeanette Hans-Jacob Daniel Betty Lisen Filippe Eva Marie Carl-Johan Jan Felix Tor Pontus Albert Peder Johan Åke Margaretha Jonas Adam Malena Louis

7/9 12 17 20 7 5 13 2

Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 Succession G3 to G4

Karl Otto (1856–1941)

Tor Elin Åke Greta Gert Kaj

• Primo genitor • Working in company

Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 Succession G4 to G5 • Primo genitor and sharing

• 1952 Kaj sold out

Tor Åke Kaj

Albert Jr Johan Lukas Simon Karl Adam Michael Gerard Tomas

Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 Succession G5 to G6, 1989 – 1998 • Equal sharing between siblings • Buy back • From entrepreneur to clan • From ownership and learning the trade to ownership and professional competence

Albert Jr Johan Lukas Simon Karl Adam Michael Gerard Tomas

Charlotte Dan Jaquline Sam Mattias Giacomo Karl Otto Kaj Jeanette Hans-Jacob Daniel Betty Lisen Filippe Eva Marie Carl-Johan Jan Felix Tor Pontus Albert Peder Johan Åke Margaretha Jonas Adam Malena Louis

Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 Succession G6 to G7 • Shareholders agreement 1952 – 50 y’s, 1998 – 30 y’s

• Gutkind & Co, 1997

12 17 20 7 5 13 2 Marcus Martina David

Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 “It is a company’s core challenge to discover, attract and retain new talents […] and give them the best possible opportunities as individuals.”

Karl Otto Bonnier (G3) 1937 Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 Governance Structure General Assembly 76 owners 1 meeting/year +2 shareholder info meetings Votes/share Votes/head Nomination Committee

Albert Bonnier AB Bonnier Family Foundation ”Holding Company” ”Family related issues” Board: 12 family members (5+7) Board: 8 family members Chairman: Carl-Johan Bonnier Chairman: Hans-Jacob Bonnier

Bonnier AB Operating Company

Broad- casting & Business Entertain- Morning Books Digital Magazines Evening Press ment Paper Paper Board: 4 f.m. 5 non f.m. dir. 3 emp.

Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010 Bonnier Family Foundation and its committees

24 family members take active part 10 family members compose the board (election 2nd year) 5 meetings per year

Family Mansion Committee Education Committee Portrait Gallery Owner philosophy Rules & regulations Scholarships

Financial Committee Family office Investment strategies Individual financial advice

Family Archives Next Generation Photos, diaries, letters, films Gutkind & Co. / Board practice

Hans-Jacob Bonnier A History of Transfers of Ownership Stockholm, March 26, 2010