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A convergent media and communications provider
Vodafone Iceland, a listed partner to Vodafone Group, and the TV, Radio and online operations of 365 media were merged in December 2017 creating a fully convergent media and communications provider. The company has a strong portfolio of telecommunication and media brands is merged under the corporate name Sýn, listed on the local Nasdaq OMX.
Sýn has a broad and strong market share across the board in telecommunication and media employing approximately 600 employees. The company has around 33% market share in mobile, 37% in broadband and 47% in IPTV in the Icelandic market. It operates a nation wide fiber transmission network, mobile network with 4G to 98% of the population and TV distribution to 99,9%. The media platform is the strongest private media in the country with media outlets such as Channel 2, Channel 2 Sports, Bylgjan Radio and Visir.is supported by its own news agency. In April the pay TV channels held around 35% share and its radio stations around 44% of the market share. The online news agency is the second largest in the country when it comes to clicks and advertising revenue. The TV operation builds on own local productions as well as output deals with HBO, FOX, Universal and Warner. The sports rights include exclusive rights for the English Premier League, UEFA Championship League, NBA, UFC, Formula 1 as well as local football, basketball and handball etc.
The merger was approved by after a settlement between Sýn and the Competition Authorities where Sýn agreed to certain undertakings to facility fair competition in the market. The undertakings include offers wholesale offering of premium domestic TV channels and IPTV platform to new entrants and smaller competitors facilitating their bundled offers of telecoms and TV services. Turnover of the merged company is estimated to be approximately EUR 180m per year with EBITDA above EUR 40m when full year synergies are realized from 2020.