The European Commission approved the previously announced combination of Canal Digital, Telenor Group’s satellite pay-TV business, with Viasat Consumer, Nordic Entertainment Group’s satellite pay-TV and broadband-TV business, into a new joint venture company. Telenor Group and Nordic Entertainment Group will each hold 50% of the shares of the new company.

The Nordic consumer offering will focus on satellite distributed pay-TV, Direct-to-Home (DTH) and streaming services, as well as Internet Protocol Television (IPTV) on open fiber networks, and will continue to develop  TV distribution services. The combination is expected to yield annual cost synergies of approximately approximately $66 million, with full effect from 2022. Integration and other related costs are expected to total approximately $91.4 million.

“We are delighted to receive the approval from the European Commission to complete the transaction for creating a new and strong Nordic company within the TV industry. The joint venture will combine the respective strengths of Canal Digital and Viasat Consumer, leveraging synergies for the benefit of our customers and shareholders,” said Telenor Group CFO Jørgen C. Arentz Rostrup.