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Sale of MTG’s business in Baltics to Providence concludes successfully

Wednesday, 18 October, marked the successful conclusion of the sale of Baltic assets owned by Swedish media concern Modern Times Group to Providence Equity Partners. From now on companies previously owned by MTG in Baltics will function as a single organization named All Media Baltics, as confirmed by the company’s manager Pierre Danon.

Permission for the sale to go down was received from all Baltic States’ regulators, including Latvian Competition Council.
 

MTG, which was present in Latvia since 1998, owned television channels TV3, TV3+, TV6, LNT, Kanāls 2 and radio station Star FM, as well as internet portals Tvpay and Skaties. In Estonia, MTG owned Viasat Eesti, television channels TV3, TV6, and TV3+, whereas in Lithuania the company owned TV3, TV3+ and Viasat Sport Baltic. Providence Equity Partners manages Bite Group mobile telecommunications company in Baltic States. Bite controls 28.5% of Latvia’s internet and cable television services provider Baltcom.
 

Earlier in spring 2017, MTG announced its plans to sell its business in Baltic States to Providence Equity Partners. The deal includes the sale of 100% of shares worth EUR 115 million. The decision to sell its business in Baltic States was explained with internal changes within MTG and change of business focus from traditional broadcast and more towards global digital entertainment environment.
 

It was also previously reported that the Cabinet of Ministers gave its permission for Providence’s Lithuanian subsidiary Bite Lietuva to acquire decisive influence over Latvian media companies TV3 Latvia, Latvijas neatkarīgā televīzija and Star FM. Government representatives said that the three Latvian media companies own a major share of the mass media market and are important for the country from a position of national security. In accordance with the National Security Law, acquisition of decisive influence in such companies requires express permission from the Cabinet of Ministers.

BNN/LETA

18-10-2017
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