Telenor takes stake in C More
May 12, 2010
Telenor Broadcast has bought a 35 per cent stake of Scandinavian pay TV operator C More Entertainment which provides channels under the Canal + brand. Telenor will buy SEK787 million (E81m) of shares through a new issue.
As part of the deal some sports rights owned by Telenor, such as the FIFA World Cup 2010 in Denmark, have been sublicensed to C More Entertainment. “The Nordic co-ownership provides Canal+ with long term access to important content for its TV subscribers. Canal+ customers will be offered an increased selection of top quality sports, films and series,” said the company.
Telenor said the deal presented today will enhance collaboration with C More's parent company the T4 Group. “We are very pleased to present this deal. Telenor and TV4 Group complement each other well and, together, we are a perfect match to develop Canal+ further,” said Erik Nord, CEO of Telenor Media and Content Services.
“Canal+ has developed very well since we acquired the company in 2008, and reported its best ever results last year. We are now creating even better opportunities for Canal+ to maintain its position as the Nordic region’s leading TV channel in the premium segment, and are also enlarging our offer,” stated Jan Scherman, CEO of the TV4 Group.