Telia declared it would book non-cash impairments amounting to SEK4.1 billion ($360 million), which includes a SEK900 million charge on its TV and media business, as a Swedish magazine reported it had begun a process to sell an asset in the segment.

The operator stated the figure also related to goodwill of SEK2.8 billion for its Finnish unit and the impairment follows changes to the group’s investment plans, market conditions and the overall regulatory environment.

It is due to report its Q4 2023 and full-year financial results on 26 January.

Aside from the charge, Telia’s TV business has also attracted attention after Swedish publication Affarsvarlden reported the operator had made moves to sell TV4, a commercial TV business it bought four years ago from broadcaster Bonnier.

It apparently held talks with Bonnier about a resale, in addition to media groups Egmont and Schibsted, in a deal which could see it only fetch half of the SEK10 billion it paid for the asset in a deal completed in 2019.

Telia has struggled in the TV and media market in recent times, largely due to weak advertising and high costs related to the launch of a new hybrid service.