The World: Stockholm - Battle for TV4 hots up with MTG sale

The Modern Times Group has sold its 15.1 per cent share in the Swedish television channel TV4 to Proventus, a Swedish investment company, adding a fresh twist to the ongoing fight for control of the channel.

The sale makes Proventus the fourth- largest shareholder, after the Swedish media giant Bonnier, the Finnish media company Alma Media, and Schibsted, a Norwegian media group.

Earlier this year, Schibsted bought an option to aquire an additional 5.9 per cent stake in the company from LRF, the Swedish agricultural union.

It has also made a 705 million-euro offer for Alma Media. In December 2004, Bonnier also put in a bid for Alma Media, a company in which it currently holds a 33.1 per cent share.