MTG Studios is acquiring an 86.6% controlling stake in the Helsinki-headquartered Nice Entertainment Group, the largest independent group of TV production companies in the Nordic region, for US$114.2m.
The deal comes after MTG Studios – the content and production division of Modern Times Group – penned deals in June to acquire UK-based distributor DRG and Norwegian production company Novemberfilm.
Nice Entertainment is the largest independent group of TV production companies in the Nordic region, comprising companies including Monster, One Big Happy Family, Playroom, and Rakett in Norway; Titan, Baluba and Nice Drama in Sweden; Moskito, Production House, and Grillifilms in Finland; and Gong in Denmark.
Collectively, the group has produced formats such as Partaj in Sweden, Let’s Dance in Norway, and pan-Nordic formats The Grill Masters and Dinner Disasters, which have been aired in Sweden, Norway, Denmark and Finland. Nice Entertainment both creates its own formats and produces localized versions of third party formats.
“Nice is a fantastic company and a perfect strategic fit with MTG Studios, with well-diversified TV-production and relationships with all of the major Scandinavian broadcasters, as well as a unique approach to integrating TV and event production,” said Patrick Svensk, CEO and chairman of MTG Studios.
“It will be business as usual for Nice, and they will continue as an independent group of production companies serving all clients in the Nordic region.”
Morten Aass, CEO of Nice Entertainment Group, added: “The next chapter in Nice’s history begins today. We have been building the company backed up by a financial owner, joining an owner from the industry seems like a natural and very motivating next step for all members of the Nice family.
“We enjoy the fact that we will be owned by a Nordic based content provider, offering a lot of new opportunities and with great ambitions for our further growth. Nice is still a young company and will clearly benefit from MTG Studios exciting network.”