Ericsson hires banks for media units sale

Ericsson has hired Morgan Stanley to explore a sale of its media solutions business, and Goldman Sachs to look at off-loading its broadcast and media services unit.

The business units have attracted interest from private equity and technology and media companies, Bloomberg reports.

Ericsson CEO Borje Ekholm said in March that he was considering a sale of the media units. Ekholm wants a restructure that will shed more than $1 billion in unprofitable wireless service contracts, eliminate a management layer and halve the number of regional divisions to five. Ericsson’s credit rating was cut to junk by Moody’s Investors Service last month.

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