Norwegian Schibsted Media acquires MTV

Norwegian Schibsted Media on Tuesday has bought the Finnish television channel MTV, said an official press release.

Schibsted Media entered into an agreement to acquire Telia Company’s TV & Media business (TVM), consisting of TV4 in Sweden and MTV in Finland.

“TV4 and MTV are trusted and independent news providers and national cornerstones for the protection of democratic values, as well as being known for their high quality entertainment and drama production. In this context, Schibsted Media stands as an ideal long-term owner. With the backing of the Tinius Trust, Schibsted Media is dedicated to preserving and strengthening TV4 and MTV as reliable and independent media providers,” said Siv Juvik Tveitnes, Chief Executive Officer of Schibsted Media.

In Finland, the agreement to acquire MTV represents a step-change for Schibsted Media, which is already present with the podcast platform Podme.

“MTV’s strong position in the Finnish market and attractive brands fit perfectly with our ambitions, and we look forward to supporting MTV’s leading position within both news, sports, drama and entertainment into the future,” said Tveitnes.

“We have an opportunity to secure a new home for TV & Media with a long-term Nordic owner that can further develop the business while maintaining its editorial independence,” said Patrik Hofbauer, Telia Company President and CEO.

The agreement between Schibsted Media and Telia Company implies an enterprise value of TVM of SEK 6.55 billion on a cash and debt-free basis.

Telia purchased MTV In July 2018.