Modern Times Group to split in two | Pay-TV | News | Rapid TV News
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Almost a month after the fiasco of its aborted attempt to sell its and Nordic Entertainment & Studio Business to TDC, the board of Modern Times Group has decided to initiate a process to split its business into two separate concerns.

Viaplay 8nov2017

The leading Nordic pay-TV provider will now comprise Modern Times Group and Nordic Entertainment Group and will achieve this aim by distributing all of the shares in Nordic Entertainment Group — comprising MTG Nordic Entertainment, MTG Studios and Splay Networks — to MTG’s shareholders, and listing these shares on the Nasdaq in Stockholm.

Modern Times Group (MTG) will comprise MTG’s current esports (ESL, DreamHack and ESEA), online gaming (InnoGames and Kongregate) and digital video content (Zoomin.TV, Engage Digital Partners) operations, as well as other minority holdings (Comosa AG and BITKRAFT). MTG will focus on developing and expanding its portfolio of global digital companies through what it calls a buy and build strategy, centred around key digital entertainment verticals. Jørgen Madsen Lindemann will continue as MTG president and CEO while Maria Redin will continue as MTG CFO.

Nordic Entertainment Group will comprise MTG’s current Nordic Entertainment and MTG Studios business segments, as well as Splay Networks. Nordic Entertainment Group will develop and invest in its position as a fully integrated broadcasting, digital communication and content production company. Anders Jensen, currently MTG executive vice president and CEO of Nordic Entertainment, will be president and CEO of Nordic Entertainment Group. The full management teams and board members of Nordic Entertainment Group will be announced in due course.

The MTG board also confirmed that it intends to propose the distribution and listing of the shares at an extraordinary general meeting of its shareholders during the second half of 2018. The final proposal will be subject to the previously announced combination of MTG’s Nordic Entertainment and MTG Studios businesses with TDC Group not being completed.

Commenting on the split, MTG chairman David Chance said: “MTG has successfully transformed from a traditional national broadcaster into a global digital entertainer. Today, MTG is leading esports into the global mainstream, captivating hundreds of millions of online gamers, and creating video content that generates billions of views around the world. At the same time, the company has developed into a fully integrated broadcasting, digital communication and content production company in the Nordic region, with unique content that engages diverse audiences across multiple platforms and screens.

“Now is the right time to initiate a split of MTG into two separate and listed companies, in order to maximise the focus and potential of each group for the benefit of owners, customers and employees. The expertise and depth in our management teams enables us to split the company in this way, with Jørgen and Anders to lead the respective organisations.