People/Biz

MTG sells Baltic broadcasting business

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 ...
March 17, 2017

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.

In recent years, the media co also sold off multiple Hungarian channels to Sony Pictures Television Network and sold off its Ukrainian pay-TV operations.

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.” 

About The Author
Daniele Alcinii is a news reporter at realscreen, the leading international publisher of non-fiction film and television industry news and content. He joins the rs team with journalism experience following a stint out west with Sun Media in Edmonton's Capital Region, and communications work in Melbourne, Australia and Toronto. You can follow him on Twitter at @danielealcinii.

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