Modern Times Group Buys DRG

STOCKHOLM: Modern Times Group has shelled out £15 million ($23.5 million) for 92.4 percent of U.K.-based distribution outfit DRG, and picked up a 51-percent stake of Norwegian production company Novemberfilm.

Digital Rights Group was acquired from majority shareholder Ingenious Media Active Capital as well as various private stakeholders. The remaining 7.6 percent of the company is being held by the company’s leadership team. Jeremy Fox is returning as CEO, replacing current MD Jonathan Jackson. The acquisition gives MTG Studios access to DRG’s relationships with international production companies and talent.

The Novemberfilm stake was acquired for an undisclosed sum from the current management, which is retaining a 49-percent investment. The company produces formats such as The Zookeepers, Insider and Missing.

"These acquisitions reflect our strategy of increasing our international content rights portfolio, and broadening our international customer base," said Jørgen Madsen Lindemann, the president and CEO of MTG. “We are very happy to welcome Jeremy Fox back as CEO for DRG. He and the rest of the team will be a valuable addition to the MTG Studios team. That also goes for Novemberfilm, which provides us with a strong and exciting addition to MTG Studio’s current content portfolio in Norway.”