Swedish telecommunication company Telia announced a $1 billion deal to buy media company Bonnier Broadcasting, its second major acquisition in a week as the top Nordic telecoms operator looks to expand its media business.
With this acquisition, Telia will establish a new business area, where both Telia’s existing TV business and the Bonnier Broadcasting businesses will be included.
Scandinavian telecoms companies are doing deals to help them stand up to big internet players such as Netflix and Amazon Prime that are offering streaming services.
Telia announced it was buying Danish telecommunications company TDC's Norwegian business in a $2.6 billion deal, giving it broadband and TV operations in Norway and had previously confirmed it was in talks with Bonnier to buy the business.