Time Warner subsidiary Turner Broadcasting Europe and the Millennium Media Group (MMG) have announced the acquisition of a 100% interest in MMG to form a new Scandinavian channels and content group.
The new group, formed by combining the businesses of Turner Nordic and MMG, will be led and managed by the existing MMG management and founders, Carl Göran Anderson and Ignas Scheynius.
The new channel portfolio will include MMG’s exciting locally-developed channels (Star!, Showtime, Silver, Silver HD and TV7) and Turner’s international brands (CNN International, Cartoon Network, Turner Classic Movies and Boomerang). MMG’s other complementary business units (NonStop Entertainment, NonStop Sales and PrimeText International) will also be part of the combined group.
The new group of channels will be available in the Scandinavian region, as well as the Baltics, Benelux and Africa. The majority of staff in the new group will be headquartered in Stockholm, with other staff based at existing Turner facilities in Copenhagen and London.
Pete Flamman, SVP and general manager Northern Europe for Turner Broadcasting System Europe, said in a statement: “I am delighted that CG and Ignas have agreed to join Turner and manage our combined businesses. During the next year we will focus on three initial priorities. We plan to invest in the core Nordic channels in terms of content, marketing and also by introducing the TNT brand. We want to accelerate MMG’s successful push in to new and emerging markets. And of course we will work hard to ensure all our staff enjoy the benefits of being part of an ambitious and growing company”.
The deal will be closed after receiving approval from the relevant regulatory authorities after filings with the Swedish media regulator (RTVV) and the Norwegian competition authorities.