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2 Icelandic nets merge

LONDON — The Icelandic private TV broadcasters Icelandic Broadcasting Corp., which operates Channel 2, and Icelandic Multimedia, operator of Channel 3 (Ice TV), have merged.

The move included Channel 3 ceasing transmissions on Feb. 24.

IM shareholders sold their shares in IM to IBC for a 10% stake in IBC, the largest private media company in Iceland. No further financial details were given.

In a statement, the companies said: “The purpose of this merger is to economize the media landscape in Iceland. … competition between the two media companies has resulted in much higher costs than is necessary where all parties were concerned.”

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