Business News
Swedish media group buys pay-TV group C More Entertainment
Jun 16, 2008, 7:11 GMT
Stockholm - Swedish TV4 Group said Monday it has bought pay- TV company C More Entertainment from Germany's ProsiebenSat.1 Group.
The deal also includes premium pay-TV broadcaster Canal+ Television which has 'exclusive feature film, series and sports broadcasting rights' in the Nordic region, TV4 said.
Worth 3 billion kronor (498 million dollars), the deal hinges on approval from competition authorities.
TV4 Group chief executive Jan Scherman said the group hoped to offer 'stability' to Canal+ which has had many owners in recent years.
Chief executive Guillaume de Posch of Munich-based ProSiebenSat.1 Group said in a statement that the group planned to 'use the proceeds from the transaction primarily for debt reduction.'
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