ProSiebenSat.1 closes C More sale

German television group ProSiebenSat.1 has closed the sale of its Scandinavian pay-TV subsidiary C More to Swedish commercial broadcaster TV4.

ProSiebenSat.1 agreed with TV4 in June on the takeover of C More and valued the company at €320 million. Although the exact amount paid was not revealed, proceeds of the sale will mainly be used to reduce the television group’s debts of €3.7 billion. C More operates film and sports channels on pay-TV platforms via cable, satellite and ADSL in Denmark, Finland, Norway and Sweden, some in high definition.

ProSiebenSat.1 acquired the pay-TV broadcaster, which has around 1 million subscribers, in the process of taking over European TV operator SBS Broadcasting last year. TV4, the largest commercial TV operator in Sweden, is backed by the Bonnier Group, a family owned Swedish media concern.