STOCKHOLM, Sweden, May 12, 2014 (GLOBE NEWSWIRE) -- Ericsson (NASDAQ: ERIC) has completed its acquisition of Red Bee Media, a leading media services company headquartered in the UK, from Creative Broadcast Services Holdings - an entity controlled by Macquarie Advanced Investment Partners, L.P.
Ericsson announced its intention to acquire Red Bee Media on July 1, 2013, and the UK's Competition Commission formally cleared the acquisition on March 27, 2014.
Ericsson looks forward to working with Red Bee Media's extensive list of high-profile broadcast services customers, including the BBC, BSkyB, BT Sport, Canal Digital, Channel 4, EE, UKTV, UPC, Virgin Media, and many more.
In addition, Ericsson has gained 1,500 highly skilled employees as well as media services and operations facilities in the UK, France, Germany, Spain and Australia. This will further strengthen Ericsson's broadcast services business, which began in 2007 with the signing of the first broadcast services deal with C More (formerly Canal+) in the Nordic region.
Magnus Mandersson, Executive Vice President and Head of Business Unit Global Services at Ericsson, says: "We're very happy to welcome our new employees to Ericsson and are confident they will help to take our broadcast services business to the next level and extend our global presence. We now have more than 5,000 employees in the UK and close to one-third of them work in broadcast services. As a result, the UK is now a major global media hub for Ericsson."
Every day people on all continents watch television programs prepared, managed and broadcast by Ericsson.
Ericsson has a significant heritage in the global TV and media market and, in the UK, pioneered the video compression technologies that are driving the worldwide digitalization of TV and enabling new viewing experiences - such as HDTV, TV Anywhere and UHDTV. Ericsson's strategy in TV and media is to help content owners, broadcasters and TV service providers evolve to meet consumer demands for video experiences on any device, anytime, anywhere. Ericsson recently highlighted its view for the future of TV in its Media Vision 2020.
NOTES TO EDITORS
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Ericsson is the driving force behind the Networked Society - a world leader in communications technology and services. Our long-term relationships with every major telecom operator in the world allow people, businesses and societies to fulfill their potential and create a more sustainable future.
Our services, software and infrastructure - especially in mobility, broadband and the cloud - are enabling the telecom industry and other sectors to do better business, increase efficiency, improve the user experience and capture new opportunities.
With more than 110,000 professionals and customers in 180 countries, we combine global scale with technology and services leadership. We support networks that connect more than 2.5 billion subscribers. Forty percent of the world's mobile traffic is carried over Ericsson networks. And our investments in research and development ensure that our solutions - and our customers - stay in front.
Founded in 1876, Ericsson has its headquarters in Stockholm, Sweden. Net sales in 2013 were SEK 227.4 billion (USD 34.9 billion). Ericsson is listed on NASDAQ OMX stock exchange in Stockholm and the NASDAQ in New York.
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Ericsson completes acquisition of Red Bee Media http://hugin.info/1061/R/1784304/611356.pdf