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.

Through the pact, Schibsted Media said it intends to preserve and strengthen TV4 and MTV as ‘reliable and independent media providers.’

TV channels including Sweden’s TV4 and Finland’s MTV are being sold to Schibsted Media after Telia Company announced plans to divest itself of its TV and media interests.

Telia Company has entered into an agreement to sell its TV & Media business, including the TV4 and MTV brands in Sweden and Finland respectively, to Schibst

Sweden's Telia Company said on Tuesday it has agreed to sell its TV & Media business to Schibsted Media at an enterprise value of 6.55 billion Swedish crowns ($614.99 million) on a cash and debt-free basis.

Nordic media company Schibsted Media has agreed to acquire broadcasters TV4 in Sweden and MTV in Finland for SEK6.55bn (US$615m) in a deal with Swedish telecoms firm Telia Company.

Norwegian media company Schibsted Media has struck a deal to buy TV4 in Sweden and Finland’s MTV from Swedish telecoms giant Telia Company. The deal has an enterprise value of 6.55bn Swedish krona ($615m or £487.7m) on a cash and debt-free basis, and is subject to regulatory approval.

Sweden’s TV4 and Finland’s MTV are being sold in a deal worth SEK6.55B ($613M). The networks’ parent company, Telia, has entered into an agreement to sell its TV and media operations to Schibsted Media.