ProSiebenSat.1 is selling the Scandinavian pay-TV group C More to Swedish commercial broadcaster TV4. The €320m sale is designed to cut debt at the group, which acquired C More as part of last year’s acquisition of SBS Broadcasting.
“The sale of C More fits our strategy. I am happy that we have found a strategic investor, for whose portfolio C More is an ideal complement,” ProSieben’s Chief Operating Officer Patrick Tillieux said in a statement. ProSieben intends to concentrate on its free-to-air channel business.
C More runs the Canal Plus channels in Denmark, Finland, Norway and Sweden, using Telenor’s One West slot for distribution onto the Canal Digital platform and local cable and IPTV networks.
Subject to regulatory authorities, the deal gives TV4 an opportunity to further develop a multichannel portfolio that also includes TV4 Film and TV4 Fakta. The Swedish commercial network that enjoyed an analogue monopoly on the terrestrial advertising market has astutely moved into the digital era.
The deal may come as a disappointment to Telenor, which is also looking to build its content portfolio.
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