UPDATE 1-Norway's Schibsted sees acquisition opportunities

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OSLO, Sept 12 (Reuters) - Norwegian media group Schibsted ASA (SBST.OL) announced a plan to cut costs at the print edition of its Aftenposten newspaper on Friday and said financial market unrest had created opportunities for profitable acquisitions.

Schibsted said at the beginning of a day of investor presentations in Spain that it aimed to cut costs at the print version of Aftenposten by an annual 100 million Norwegian crowns ($17.24 million) by 2011.

At least half of the targeted savings level would be achieved in 2009, and the cost cuts would lead to one-off restructuring charges of 60-70 million crowns mainly due to voluntary staff reductions, Schibsted said in a statement.

"The development in the financial markets through the last period has given Schibsted a better opportunity than what has been the case earlier to do profitable acquisitions," Schibsted ASA said in a statement.

Acquisitions would mainly be in online activities, it said.

In addition to Aftenposten, Schibsted publishes Norway's best-selling paper VG, Sweden's Aftonbladet and Svenska Dagbladet as well as the free paper 20 Minutes in Spain, France and Switzerland.

But the company has increasingly moved into online media, with online activities accounting for a quarter of group revenues and 54 percent of core profits in the second quarter.

"Schibsted is the largest player within online classifieds in Europe, and continues its growth efforts here and in other selected markets," it said. "Online classifieds implies an attractive growth opportunity, and strong number one positions are highly profitable."

Schibsted said that it expected to invest 300-350 million crowns in organic growth initiatives in 2008 and that a normal level for annual investment in such growth would be 200-300 million.

"In 2009, the most important ventures will be within online classifieds, online directory services and online newspapers," Schibsted said.

The Norwegian advertising market has been "moderately softer" in the summer months than in the same period a year ago, particularly in Aftenposten real estate ads, it said.

The Spanish market remains challenging, and Schibsted's online operations in Spain expect a growth rate of 15-20 percent in the third quarter, the company said.

Schibsted shares dropped 2.7 percent to 126.50 crowns by 0724 GMT, against the trend of a rising Oslo bourse .OSEBX. (Reporting by John Acher; Editing by Paul Bolding)