Oslo-based heavyweight news-led Schibsted Media has agreed to acquire from Nordic and Baltic telco Telia its TV and Media business led by flagship TV companies TV4 in Sweden and MTV in Finland, the partners announced Tuesdsay.

Sweden's Telia Company said on Tuesday it has agreed to sell its TV & Media business to Schibsted Media at an enterprise value of 6.55 billion Swedish crowns ($614.99 million) on a cash and debt-free basis.

Sweden’s TV4 and Finland’s MTV are being sold in a deal worth SEK6.55B ($613M). The networks’ parent company, Telia, has entered into an agreement to sell its TV and media operations to Schibsted Media.

Norwegian media company Schibsted Media has struck a deal to buy TV4 in Sweden and Finland’s MTV from Swedish telecoms giant Telia Company. The deal has an enterprise value of 6.55bn Swedish krona ($615m or £487.7m) on a cash and debt-free basis, and is subject to regulatory approval.

Telia Company has entered into an agreement to sell its TV & Media business, including the TV4 and MTV brands in Sweden and Finland respectively, to Schibst

Nordic media company Schibsted Media has agreed to acquire broadcasters TV4 in Sweden and MTV in Finland for SEK6.55bn (US$615m) in a deal with Swedish telecoms firm Telia Company.

TV channels including Sweden’s TV4 and Finland’s MTV are being sold to Schibsted Media after Telia Company announced plans to divest itself of its TV and media interests.

Telco Telia has ended its lengthy search for a buyer for TV4 Media in a deal with Nordic media group Schibsted that includes the TV4 and MTV operations in Sweden and Finland, respectively.