MTG Completes Trace Acquisition

STOCKHOLM: Modern Times Group (MTG) has completed its acquisition of a 75-percent interest in Trace, which operates a range of music channels.

The company's management owns 25 percent, and the business will continue to be led by Olivier Laouchez as chairman and CEO. MTG will report Trace within its pay-TV emerging markets segment.

MTG announced the Trace deal in February, valuing the company at 40 million euros ($54 million). The acquisition brings to the MTG portfolio the channels Trace Urban, Trace Tropical, Trace Africa and Trace Sports Stars, among other assets. At the time, Jørgen Madsen Lindemann, the president and CEO of MTG, commented, "Trace’s development has followed a similar path and strategy to our own at MTG—the creation and nurturing of innovative local products that customers love and want more of, investment in the content offerings, the broadening of their availability, and then international expansion with equally strong local versions in high-growth new markets. Trace’s channels and platforms share the powerful affinity with audiences that we always look for. This acquisition is yet another example of our objective to shape the future of entertainment by expanding our content offering, our digital availability and our geographical footprint.”