ProSieben sells Scandinavia's C More

Deal for pay TV operator valued at $494 mil

COLOGNE, Germany -- Pan-European broadcaster ProSiebenSat.1 has sold its Scandinavian pay TV operation C More to Sweden's TV4 in a deal that values C More at about 320 millionĀ  euros ($494 million).

The sale was expected and is part of ProSieben's strategy of selling off assets unrelated to its core free TV operations.

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. The deal still has to be approved by European media authorities.