STOCKHOLM: MTG has inked a deal to sell its free-TV, pay-TV, digital and radio businesses in the Baltic region to Providence Equity Partners.<\/p>\n
The cash transaction values 100 percent of the business at an enterprise value of \u20ac115 million ($124 million). The sale is part of MTG\u2019s ongoing transformation from a traditional national broadcaster into a global digital entertainer\u2014MTG will use the proceeds from the sale to transform the company further.<\/p>\n
Equity Partners is a global asset-management firm that is the owner of Bite, the Lithuanian and Latvian mobile operator. Through the transaction, the company gains the largest TV-channel portfolio in all three Baltic countries with a combined 48.6 percent commercial share of viewing. This includes three TV channels in Estonia (TV3, TV3+, TV6), five channels in Latvia (TV3, TV3+, TV6, Kanals 2, LNT) and three in Lithuania (TV3, TV6, TV8).<\/p>\n
J\u00f8rgen Madsen Lindemann, MTG’s president and CEO, said: \u201cWe have been in the Baltic region for two decades, and our very dedicated and professional colleagues have built a successful business here. I would like to take this opportunity to thank our local team for an extraordinary performance over the years.<\/p>\n
\u201cWe are on a journey to build an even stronger presence in the global digital arena, and I am happy that we have found a buyer that shares our view of the potential of the Baltic businesses. Our Baltic colleagues can look forward to a new era that taps the full possibilities of the Baltic media market.\u201d<\/p>\n
Karim Tabet, managing director at Providence, added: \u201cMTG\u2019s Baltic broadcasting businesses are all leaders in their respective areas and we\u2019re excited to partner with such a talented group of people to grow the company together. After our acquisition of Bite in 2016, this transaction highlights Providence\u2019s continued commitment to investing in the Baltic region.\u201d<\/p>\n
Robert Sudo, managing director at Providence, remarked: \u201cLithuania, Latvia and Estonia are all among the fastest growing countries in the EU. The business-friendly environment combined with a highly skilled workforce make the Baltics an exciting region for us. We are looking forward to working together with MTG Baltic\u2019s management and employees over the coming years.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
STOCKHOLM: MTG has inked a deal to sell its free-TV, pay-TV, digital and radio businesses in the Baltic region to Providence Equity Partners.<\/p>\n","protected":false},"author":350,"featured_media":7501,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[178],"class_list":["post-7500","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-top-stories","tag-mtg"],"yoast_head":"\n