European media company Modern Times Group has brokered a deal with Providence Equity Partners, owner of the Lithuanian and Latvian mobile operator Bite, to sell its free-TV, pay-TV and digital and radio businesses in the Baltic region.
MTG has signed an agreement to sell off its broadcast network for €115 million (US$124 million) to the global asset management firm. The agreement includes three TV channels in Estonia (TV3, TV3+, TV6), five in Latvia (TV3, TV3+, TV6, Kanals 2 and LNT) and three in Lithuania (TV3, TV6, TV8).
MTG’s sale of its broadcast networks reflects its ongoing shift from being a traditional national broadcaster to a global digital entertainer “capitalizing on rapid changes in consumers’ media consumption habits,” according to a MTG statement. The company will use the proceeds from the sale to further transform the company.
Jørgen Madsen Lindemann (pictured), MTG president & CEO, said in a statement that the company has been in the Baltics for two decades and seen success in building its business in the region during that time.
He added, “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.”