Telenor pays $103 mil for C More stake

Nordic telecoms giant buys into Swedish broadcaster

LONDON -- In what amounts to a significant shake-up in the region's pay TV market, Nordic telecoms giant Telenor Tuesday bought a chunk of Swedish-owned C More Entertainment, paying its owners TV4 $103 million for a 35% stake.

C More operates the pan-European Canal+ channels across such markets as Denmark, Finland, Iceland, Norway and Sweden.

Through the deal C More gets guaranteed access to key sport rights in the region currently held by Telenor, including the 2010 Fifa World Cup. C More will also launch a number of new Canal+ branded premium channels in the Nordic region.

The news comes just days after the Norwegian telco reported a 36% drop in its first-quarter profits after a weak performance in its Asian and Central European operations.

The company posted revenues of $4.14 billion on profits of $172.5 million.