Telenor Group and NENT Group to merge Canal Digital and Viasat Consumer
(Fornebu/Stockholm, 22 October 2019) Telenor Group and Nordic Entertainment Group (NENT Group) today announced the formation of a new company that combines Canal Digital and Viasat Consumer (satellite pay-TV & broadband-TV operations). This will create a vibrant Nordic TV distribution business and capture synergies in a maturing direct-to-home (DTH) segment. Telenor and NENT Group will each hold 50 percent of the new company.
- The combination generates a Nordic player with combined net sales of approximately NOK 7 billion and around 1.25 million subscribers (Q2 2019).
- The combination is expected to yield peak annual cost synergies of approximately NOK 600 million, with full effect from 2022.
- Integration and other related costs are expected to total approximately NOK 830 million.
The company will be headquartered in both Oslo and Stockholm, and will also have a substantial presence in Copenhagen. The joint venture will operate at arm’s length to its parents. The Nordic consumer offering will focus on satellite distributed pay-TV (DTH) and streaming services, as well as IPTV on open fibre networks, and will continue to develop market-leading TV distribution services.
“The joint venture will combine the respective strengths of Canal Digital and Viasat Consumer, leveraging synergies for the benefit of our customers and shareholders. There is a compelling business rationale behind combining the DTH operations of Canal Digital and Viasat Consumer, with large synergies to be captured within areas including transponder capacity, IT and opex. The joint venture will use Telenor Satellite’s services on 1° west for DTH transmission, representing a solid foundation for Telenor Satellite’s broadcast operations,” says Jørgen C. Arentz Rostrup, CFO, Telenor Group.
“We are very happy to announce this game-changing joint venture with Telenor. Combining Viasat Consumer and Canal Digital makes perfect sense. We are creating a large-scale TV operator that will create sustainable value for customers and owners, and be able to compete with large scale regional and local competitors. We have achieved complete alignment of ownership interest through a 50/50 joint venture structure and a shared vision for brands, products and how to provide an even better consumer experience. This deal will drive significant shareholder value and it fits perfectly with our strategy to focus on the substantial opportunity we see in the fast-growing streaming sector. The new joint venture will be a major distribution partner for both our Viasat channels and Viaplay,” says Anders Jensen, President and CEO, NENT Group.
The Board of Directors for the joint venture will have an equal representation from Telenor and NENT Group, with a rotating chairmanship. The CEO of the company will be Bjørn Ivar Moen (currently CEO of Canal Digital and Telenor Broadcast), and the CFO and Head of operations will be Jonas Gustafsson (currently CEO of Viasat Consumer). Other key management positions will be announced prior to the completion of the transaction. Telenor and NENT Group recognise that their employees are vital for the success of the joint venture and that the agreement is subject to customary consultations with the respective trade unions.
The joint venture is the latest in a series of measures Telenor is taking to address its business structures and core systems, in order to find and leverage strategic opportunities to modernise and optimise its customer offerings in next-generation networks.
The transaction is subject to regulatory approval, and is expected to be completed during the first half of 2020.
For high res image of Jørgen C. Arentz Rostrup, CFO, Telenor Group, click here.
Tormod Sandstø, Director Media Relations, Telenor Group: + 47 90 94 32 15
Scott Engebrigtsen, Director Communication, Canal Digital: +47 90 04 34 84
Telenor Investor Relations:
Øystein Myrvold, Head of Investor Relations, Telenor Group: +47 99 23 04 60
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
DIAC S.A.: UPDATE OF NEU MTN PROGRAMME3.7.2020 19:32:13 CEST | Press release
July, 3rd 2020 DIAC S.A.: UPDATE OF NEU MTN PROGRAMME DIAC S.A. updated the Information Memorandum of its Negotiable Medium Term Notes (NEU MTN Programme). This documentation was approved by the Banque de France is available on its website under the following link: https://eucpmtn.banque-france.fr/public/#/liste-des-emetteurs/5f8b9dec-b611-ea11-80f7-001dd8b71ea9 DIAC S.A. Etablissement de crédit et intermédiaire d’assurances, au capital de 659 334 050 EUR. Siège social : 14, avenue du Pavé Neuf – 93168 Noisy-le-Grand cedex SIREN 702 002 221 RCS Bobigny – N° TVA : FR02 702002221 – Code APE 6492Z – N° ORIAS : 07 004 966 – www.orias.fr Attachment Update DIAC programme NEU MTN 2020
Maha Energy AB (publ) Announce June Production Volumes3.7.2020 17:13:36 CEST | Press release
Maha Energy AB (publ) Strandvägen 5A SE-114 51 Stockholm www.mahaenergy.ca Press release Stockholm July 3, 2020 Maha Energy AB (publ) Announce June Production Volumes Production Volumes The Company's aggregate sales production for the month of June totaled 112,1511 barrels of oil and 57.090 million scf of gas for a combined average production of approximately 4,056 BOE/day2, before royalties and taxes. Other than some minor unplanned shutdowns, production continues to be affected by the impact of the Covid-19 pandemic. 1 Subject to minor standard industry adjustments at the time of custody transfer. 2 Barrels of oil equivalent ("BOE") conversion ratio of 6,000 scf: 1 bbl is used. For more information, please contact: Jonas Lindvall (CEO) Tel: +46 8 611 05 11 Email: email@example.com or Victoria Berg (Investor Relations) Tel: +46 8 611 05 11 Email: firstname.lastname@example.org Maha in Brief Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as C
Norsk Hydro: Produksjon gjennopptatt ved Paragominas og Alunorte3.7.2020 17:00:00 CEST | Pressemelding
Strømtilførselen til Hydros bauksittgruve Paragominas i Parà nord i Brasil har blitt gjenopprettet og produksjonen har startet opp igjen. Produksjonen ved Hydros aluminaraffineri Alunorte vil som følge av dette også bli normalisert. Tre høyspentmaster veltet 20. juni og førte til strømbrudd for Paragominas. Strømbruddet stanset midlertidig produksjonen ved gruven. Høyspentmastene har nå blitt reparert og strømtilførelsen er gjenopprettet. Det var ingen personskader, miljøskader eller skader på produksjonsutstyr relatert til strømbruddet. Hydro samarbeider med lokale myndigheter for å finne årsaken til hendelsen. Foreløpige undersøkelser tyder på at deler fra mastene har blitt stjålet og at dette forårsaket at mastene veltet. Investorkontakt: Line Haugetraa +47 41406376 Line.Haugetraa@hydro.com Pressekontakt: Anders Vindegg +47 93864271 Anders.Vindegg@hydro.com
Norsk Hydro: Production resumed at Paragominas and Alunorte3.7.2020 17:00:00 CEST | Press release
The power supply to Hydro’s Paragominas bauxite mine, in the state of Pará in northern Brazil, has been restored, allowing production to restart. As a result, production is being ramped up at Hydro’s Alunorte alumina refinery. On June 20, three power transmission towers overturned, cutting the power supply to the mine and temporarily halting production. The transmission towers have been repaired, and the power has been restored. There were no personnel injuries, damage to other production assets or impact on the nearby environment related to the power outage. The company is cooperating with local authorities to determine the cause of the incident. Preliminary findings indicate that parts were stolen from the towers causing them to overturn. Investor contact: Line Haugetraa +47 41406376 Line.Haugetraa@hydro.com Media contact: Anders Vindegg +47 93864271 Anders.Vindegg@hydro.com
CONDITIONS FOR RIKSBANK BID PROCEDURE KOMMUNINVEST BONDS3.7.2020 16:20:00 CEST | Press release
Sveriges Riksbank Bid procedure details Kommuninvest Bonds, 2020-07-07 Maturity dateLoanISIN codeCouponVolume, SEK million2021-09-15 2109 SE00069950641.00 %500+/- 2502024-10-022410 SE0010469205 1.00 %500+/- 250 Settlement date 2020-07-09 Bids have to be entered by 11.00 on JUL 07, 2020 Highest permitted bid volume: A maximum of SEK 500 million per bid in issue 2109 and 2410. Lowest permitted bid volume: 50 SEK million per bid Bids only through counterparties approved by the Riksbank RESULT OF AUCTION WILL BE PUBLISHED NO LATER THAN 11.15 (CEST) ON JUL 07, 2020 For more information, please contact: Trading desk at the Riksbank + 46 8 696 6970 General and special terms and conditions can be retrieved at http://www.riksbank.se
CONDITIONS FOR RIKSBANK BID PROCEDURES SEK COVERED BONDS3.7.2020 16:20:00 CEST | Press release
Sveriges Riksbank Bid procedure details Covered Bonds, 2020-07-09 Maturity dateLoanISIN codeCouponVolume, SEK million2025-09-17 5535 SE0013358413 1.00 %1,000 +/- 5002024-12-18 579 SE00121936211.00 %1,000 +/- 500 2024-12-031589SE00116433861.50 %1,000 +/- 5002025-06-18195SE00135460661.00 %1,000 +/- 5002024-12-182412SE00126218521.00 %400 +/- 2502025-09-17518SE0011309244 1.25 %400 +/- 2502025-06-11 146 SE0013381571 0.50 %400 +/- 250 Settlement date 2020-07-13 Bids have to be entered by 10.00 on JUL 09 2020 Highest permitted bid volume: 1,000 SEK million in issue 5535 1,000 SEK million in issue 579 1,000 SEK million in issue 1589 1,000 SEK million in issue 195 400 SEK million in issue 2412 400 SEK million in issue 518 400 SEK million in issue 146 Maximum volume: 5 billion SEK in total Lowest permitted bid volume: 50 SEK million Bids only through counterparties approved by the Riksbank RESULT OF AUCTION WILL BE PUBLISHED NO LATER THAN 10.15 (CEST) ON JUL 09, 2020. For more information, pleas