SBS Broadcasting Group

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SBS Broadcasting Group (SBS), formerly Scandinavian Broadcasting Systems, was a European multinational media group, operating commercial television, premium pay channels, radio stations and related print businesses in Northern, Western and Central and Eastern Europe. It became the second-largest broadcaster in Europe. SBS was founded by Harry E. Sloan in 1989, who bought a stake in the Danish station Kanal 2 (a local station in Copenhagen, now Kanal 4) and Norwegian TVNorge. In 1991, Sloan bought the Swedish Nordic Channel, which was soon renamed Kanal 5 and became the third-largest commercial broadcaster in the country. The company was originally known as "TV1", but was renamed "Scandinavian Broadcasting Systems" in 1991. After expanding into Benelux and Eastern Europe, the name was changed again, this time to SBS. By July 1994, the time of the CC/ABC-Disney merger, Capital Cities/ABC owned 23% of SBS. In March 2005, SBS acquired C More Entertainment, a Nordic pay tv provider operating under the Canal+ brand. In that year, SBS was bought by the equity firms Permira and Kohlberg Kravis Roberts (KKR). Telegraaf Media Groep of the Netherlands was also a shareholder in SBS, with a 20% equity interest.