MTG Completes Purchase of TV 2 Sport Shares

STOCKHOLM: Modern Times Group has completed its acquisition of the remaining 49-percent stake in the Danish joint-venture company TV 2 Sport from TV 2 Denmark.

The transaction received the necessary regulatory approval from the Danish Competition Authority. Part of the pact includes the transfer of the exclusive Danish broadcast rights to the European Handball Championships for 2016 and 2018 from MTG to TV 2 Denmark.

TV 2 Sport was launched in April 2007 by MTG and TV 2 Denmark. MTG now has full management and operational control of the network and can count the results of the business in its accounts starting from January 1, 2013.

Jørgen Madsen, the president and CEO of MTG, commented: “This acquisition reflects the success of the TV 2 Sport operation and further enhances our market leading SD and HD sports coverage. It is clear that our pay-TV sports channel and content offering, when also combined with the sports coverage on our free-TV channels including TV3+, is the most comprehensive in the market and is available to subscribers on multiple TV distribution platforms.

“This consolidation is not included in our previously provided full year 2013 earnings outlook statement for our Nordic pay-TV operations and will increase segment sales in 2013. It does not however alter the previously provided full year 2013 segment operating profit (EBIT) margin expectations.”