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The figure appears in the accounts of Schibsted Products & Technology UK in London, a subsidiary of the Norwegian media and the company classed Schibsted, writes Dagens Næringsliv.
"It costs products and technology in development, so it's an investment for us, so it's a negative angle to create a deficit," said Treasury Finance Director Schibsted.
The London-based company is tasked with creating common technology platforms for advertising services, media services and classified advertising services. The company has 131 employees and was established in 2014.
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The company's annual report states that by 2018, most platforms and services will be launched and "will contribute to the long-term profitability of the company".
For the sake of good: E24 is a wholly-owned subsidiary of VG owned by Schibsted
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