Modern Times Group (MTG) has completed the sale of its Baltic broadcasting businesses to Providence Equity Partners for a total cash consideration of €100 million.
The company notes that the transaction is based on an enterprise value of €115 million.
MTG adds that the sale will result in a preliminary net capital gain, realised in the Q4 results, of approximately SEK580 million (€60.5 million).
All items related to the Baltic broadcasting businesses are reported as discontinued operations in MTG’s financial statements.
MTG announced the sale of its Baltic broadcasting businesses in March this year.
The businesses include the largest TV channel portfolio in all three Baltic countries; leading subscription and ad funded video streaming services; and the only DTH platform and third largest pay-TV operator in the Baltic region.