OSLO (Reuters) -Swedish telecoms group Telia Company said on Tuesday it has agreed to sell its TV & Media business to Norway’s Schibsted Media at an enterprise value of 6.55 billion Swedish crowns ($614.99 million) on a cash and debt-free basis.
Telia will book a non-cash impairment of around 2 billion crowns on the deal, and will use the proceeds from the sale to reduce its own debt, the company said in a statement.
The transaction includes the TV4 and MTV brands in Sweden and Finland respectively, and is expected to close in the third quarter of 2025, it added.
“The agreement is in line with Telia’s active portfolio management and focus on growth in its core connectivity business in the Nordic and Baltic regions,” the company said.
The TV & Media business comprises television channels, streaming services and several websites, and currently has approximately 1,200 employees across the two countries, Telia added.
Privately held Schibsted Media, previously a part of Schibsted ASA, is the owner of major newspapers in Norway and Sweden, and is fully owned by Norwegian foundation Stiftelsen Tinius since 2024.
($1 = 10.6506 Swedish crowns)
(Reporting by Terje Solsvik, editing by Stine Jacobsen)
