The Nordic region's largest telecoms operator, Telia, said Friday it has agreed to buy the broadcasting and streaming operations of Swedish publishing company Bonnier AB to gain a foothold in the television and entertainment business.
The 9.2 billion kronor ($1 billion) deal to buy Bonnier Broadcasting includes Swedish TV4 channel, streaming service C More and Finnish MTV channel.
CEO Johan Dennelind said the deal would help Telia access a wide range of media content and described the acquisition as "a natural next step" to complement Telia's core business in Finland, Denmark, Norway and Sweden.
"We have great respect for our new role as a media owner and have a clear view of how we'll maintain editorial integrity of the business going forward," Dennelind said, adding that "some of the most talented TV-content producers in the Nordics" would now work for the Stockholm-based group.
It is the second major purchase for Telia this week as it announced Tuesday a $2.6 billion deal to buy the mobile operations of Denmark's TDC A/S in Norway.