European Commission approves Telia’s acquisition of Bonnier Broadcasting

News

The acquisition of Bonnier Broadcasting includes MTV Finland, Swedish commercial broadcaster TV4 and streaming service C More.

After a long approval process, Telia hopes the $957 million (€866 million) deal will help it compete with Netflix, Amazon and others.

Christian Luiga, Acting President & CEO, said, "This is an important milestone for Telia Company as we become a Nordic pioneer in combining high-quality content with first-rate content.

“This acquisition takes Telia Company forward. I look forward to completing the deal and really starting to work with our new colleagues to provide the best content and communication services in the Nordic and Baltic countries.”

Competition concerns

According to Telia, the deal is expected to generate synergies from 2020, with a full run-rate of SEK600 million (€56 million) in 2022.

Telia first announced the acquisition in July 2018. The deal expected to close on December 2 this year. The Swedish telco said it has addressed several concerns raised by the EC to ensure continued competition in the Nordic TV and media markets.

Casten Almqvist, CEO of Bonnier Broadcasting, commented, “Our leading position in quality drama, sports, news and entertainment in Finland and Sweden will be strengthened as MTV, TV4 and C More join forces with Telia Company. 

"I look forward to combining the strengths of Telia Company and Bonnier Broadcasting. Together, we take the quality content experience we offer our users to a new level.”