Modern Times Group (MTG) has taken a 22 per cent stake in Engage Sports Media (ESM).
The companies will work closely together across all digital content and media platforms.
ESM described the deal as a ‘strategically important investment’ that will allow ESM to accelerate its growth and focuses on content IP development, technical tools and adding new talent across the business.
“This investment reflects our focus on becoming the leading digital video entertainment company in each of our markets, and our strategy to invest in relevant, complementary and scalable digital brands, content and communities,” said Arnd Benninghoff, CEO of MTGx.
“We are happy to team up with this talented company and the strategic fit is compelling. Sport is in the DNA of both our companies and there are many benefits of working together more closely in terms of digital premium product development and distribution.”
ESM will increase its focus on working with sports rights holders to build their media inventory that delivers content to audiences globally.
“The investment from MTG provides the funds to expand our services and operations for sports rights holders,” said Gregg Oldfield, ESM CEO.
“It also provides a catalyst to invest with our partners into the development of IP, content and format assets. We are excited to partner with MTG, with whom we share an entrepreneurial approach and vision.”