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MTG sells Baltics business

Providence Equity Partners completes €115 million deal

Swedish digital entertainment company MTG has sold its Baltics business to Providence Equity Partners for €115 million.

The deal includes three TV channels in Estonia (TV3, TV3+, TV6), five in Latvia (TV3, TV3+, TV6, Kanals 2, LNT) and three in Lithuania (TV3, TV6, TV8), as well as numerous regional pay-TV channels.

Proceeds will be used to “transform the company further,” MTG said.

MTG has already sold its stake in Russian broadcaster CTC Media, following local regulatory changes, as well as two Hungarian channels to Sony Pictures Television.

Jørgen Madsen Lindemann, MTG president and CEO, said: “We 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.”

Karim Tabet, MD at Providence, added: “MTG’s Baltic broadcasting businesses are all leaders in their respective areas and we’re 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’s continued commitment to investing in the Baltic region.”