Sweden's Telia Company said on Tuesday it has agreed to sell its TV & Media business to Schibsted Media at an enterprise value of 6.55 billion Swedish crowns ($614.99 million) on a cash and debt-free basis.

Through the pact, Schibsted Media said it intends to preserve and strengthen TV4 and MTV as ‘reliable and independent media providers.’

Sweden’s TV4 and Finland’s MTV are being sold in a deal worth SEK6.55B ($613M). The networks’ parent company, Telia, has entered into an agreement to sell its TV and media operations to Schibsted Media.

OSLO (Reuters) -Swedish telecoms group Telia Company said on Tuesday it has agreed to sell its TV & Media business to Norway's Schibsted Media at an enterprise value of 6.55 billion Swedish crowns ($614.

Telia Company has entered into an agreement to sell its TV & Media business, including the TV4 and MTV brands in Sweden and Finland respectively, to Schibst

TV channels including Sweden’s TV4 and Finland’s MTV are being sold to Schibsted Media after Telia Company announced plans to divest itself of its TV and media interests.

Telia agreed a sale of its TV and Media business to established Norwegian specialist Schibsted Media for SEK6.6 billion.

Sweden's Telia Company said on Tuesday it has agreed to sell its TV & Media business to Schibsted Media at an enterprise value of 6.55 billion Swedish crowns ($614.99 million) on a cash and debt-free basis.