ProSieben completes sale of C More

Scandinavian pay TV deal worth $406 mil

COLOGNE, Germany -- Pan-European broadcaster ProSiebenSat.1 on Tuesday completed the sale of its Scandinavian pay TV operation C More to Sweden's TV4 in a deal that values C More at about 320 million euros ($406 million).

The sale is part of ProSieben's strategy of selling off assets unrelated to its core free-TV operations in order to pay down debt.

C More is an umbrella group that handles all of ProSieben's pay TV operations in Scandinavia. TV4, Sweden's leading commercial television broadcaster, is owned by Swedish conglomerate the Bonnier Group.