Pan-Euro media outfit SBS Broadcasting is acquiring all shares in the CMore Group, the Nordic umbrella of Canal Plus pay TV channels in Norway, Denmark, Sweden and Finland, for €270 million ($345 million) in cash.
It continues SBS’ strategy of concentrating on digital entertainment and increasing non-advertising-related income. The deal, subject to approval by competish authorities, is expected to close later this year.
CMore Entertainment, which houses the CMore Group’s pay TV channels, has more than 770,000 subscribers and revs in 2004 of $232 million. SBS’ Swedish subsid Kanal 5 is buying the shares from private equity funds represented by Baker Capital and Nordic Capital.