As part of a deal with a media watchdog group, Norwegian media group Schibsted ASA will sell its entire 34.3 percent stake in newspaper group Adresseavisen ASA in order to create its Media Norge newspaper group.

The Independent Media Ownership Council authorised Media Norge's establishment Tuesday, on the condition that Schibsted sell its Adresseavisen shares, Thomson Financial reported.

Schibsted said in a statement it will also reduce its ownership in Harstad Tidende to 40 percent, and that its Stavanger Aftenblad shares will be converted to Media Norge shares, according to a Thomson Financial article posted by Finanz Nachrichten.