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Schibsted sells TV4 stake

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10:35 CET+01:00
Norwegian media giant Schibsted has sold its shares in TV4 to Nordic Broadcasting, owned by investment company Proventus and Swedish media company Bonnier.

Bonnier and Proventus have also announced that they will transfer ownership of their shares to Nordic Broadcasting, meaning that the company will own 97 percent of TV4.

Schibsted, which also owns Svenska Dagbladet and co-owns Aftonbladet, currently owns 26.9 percent of TV4. Nordic Broadcasting is paying 270 kronor per share, valuing the shareholding at 1.455 billion kronor.

Bonnier currently owns 29.3 percent of votes and shares in TV4, with Proventus owning 15.1 percent. Nordic Broadcasting already owns 23.4 percent of TV4.

Nordic Broadcasting said that if competition authorities approve the purchase and the deal goes through it will offer remaining shareholders the chance to sell their TV4 shares at the same share price as Schibsted.

TV4 is Sweden's only national terrestrial commercial television broadcaster. The company also runs a stable of seven cable TV channels in Sweden.

Bonnier, owner of Dagens Nyheter and Expressen, owns 50 percent of Nordic Broadcasting, with Proventus owning the other 50 percent. Nordic Broadcasting owns Finnish commercial television network MTV Media.

"Since the creation of Nordic Broadcasting in January 2005, we have been clear about the values we have identified in the creation of a Nordic broadcasting structure," said Daniel Sachs, chairman of Nordic Broadcasting and CEO of Proventus.

"TV4 and MTV3 have developed well over the past two years. This strengthened Nordic structure improves the competitiveness of these two commercial quality TV-channels," he added.

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