Telia agreed a sale of its TV and Media business to established Norwegian specialist Schibsted Media, a deal with an enterprise value of SEK6.6 billion ($620.1 million) which continues a rejig by the Swedish operator.

The operator explained the deal covers Swedish brand TV4 and Finnish equivalent MTV, with a multi-year partnership incorporated to maintain access to the stations for its consumer TV service.

It stated around 1,200 staff work at the stations.

Telia noted the sale contributes to a strategy of focusing on connectivity services in the Nordic and Baltic regions. It will put the TV and Media unit into discontinued operations in financials for the current quarter and recognise a non-cash impairment in the region of SEK2 billion.

The operator stood by mid-term financial goals, but adjusted its free cash flow outlook for this year down from SEK8 billion to SEK7.5 billion.

President and CEO Patrik Hofbauer said Telia grasped the opportunity to “secure a new home for TV and Media with a strategic long-term Nordic owner”.

Telia stated Schibsted Media was founded in 1839 and owns several leading news brands in Norway and Sweden.

Schibsted Media CEO Siv Juvik Tveitnes highlighted a commitment to the Swedish market spanning close to 30 years, noting the acquisition would bolster its ability to compete “with global tech giants”.