Scandinavian entertainment group MTG has acquired the final 49% in Zoomin.TV, an online video content publisher, from Adversa Media Group.
Headquartered in Amsterdam, Zoomin.TV has a global network of 3,500 freelance video journalists that create digital videos targeting Generation Z viewers.
MTG is paying €6.2 million (7.2 USD) for the shares and is also settling Adversa’s €11.3 million of shareholder loans to Zoomin.TV.
In July 2015, MTG acquired 51% of Zoomin.TV from Adversa and Evalue AG. The latest transaction will result in a preliminary non-cash net gain of approximately €3 million, which will be reported within items affecting comparability in MTG’s Q2 2018 financial results.
“Every day, Zoomin.TV delivers hundreds of videos from around the world that inspire Generation Z,” said Jørgen Madsen Lindemann (pictured), MTG president and CEO, in a statement. “These unique stories have made the company one of the world’s largest online video publishers, and now we will work more closely with Zoomin.TV to reach even more of the world’s most passionate audiences.”