Telia Company has closed the sale of its TV & Media business to Schibsted, first announced in February, at an enterprise value of SEK 6.55 billion (€0.59bn) on a cash and debt-free basis. Through a multi-year distribution partnership, Telia will continue to include TV4 and MTV’s content in its consumer TV offerings.Patrik Hofbauer, Telia Company President and CEO, commented: “This is our latest milestone in creating a simpler Telia. We’re focused on growing where we’re strongest – delivering world-class connectivity to millions of customers – and will continue to manage our portfolio actively. On behalf of everyone at Telia, I wish the TV & Media team all the best in their new home at Schibsted, a long-term Nordic owner that can further develop the business while maintaining its editorial independence.”Telia stated that the group intends to use the transaction proceeds for deleveraging purposes. Following the closing of the transaction, Telia’s net debt/adjusted EBITDA is in the lower end of its 2.0-2.5x target range.
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