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TDC buys MTG Nordics to form converged business

February 1, 2018 09.08 Europe/London By Robert Briel

WATCH VIDEO. Modern Times Group (MTG) has entered into a definitive agreement with TDC to combine its Nordic Entertainment and MTG Studios businesses with TDC Group.

The aim is “to create Europe’s first fully convergent media and communications provider with an enhanced and integrated consumer offering.”

TDC Group will issue new shares and pay cash as consideration for MTG Nordics, and the newly issued TDC Group shares will be distributed to MTG shareholders immediately upon completion of the combination. Following the combination, MTG will focus its resources on the expansion of its global digital entertainment operations.

The combined company will have a new name and brand, and will provide an integrated consumer offering in Denmark and Norway with a pan Nordic footprint – comprising fixed line and mobile telephony, broadband internet access, TV distribution and streaming services.

The combination of MTG Nordics with TDC Group will create Europe’s first fully convergent media and communications provider. The companies’ combined networks and products will reach all the 10 million households in the Nordic region.

The combination brings together TDC Group’s direct to consumer offerings in mobile, broadband and TV distribution with MTG Nordics’ content production, broadcasting and streaming services.

Together, the two companies will have 2.8 million TV subscribers in Sweden, Denmark, Norway and Finland, and includes entertainment brands, including Viasat, Viaplay, Viafree, YouSee Tv & Film and Get Play.

David Chance, MTG Chairman of the Board, commented: “This combination creates a first of its kind attractive new proposition for both consumers and shareholders in the Nordic region. MTG has a long history of being at the forefront of change, and this combination is further evidence of our commitment to shaping the future of entertainment and creating value for our shareholders. Not only are we creating a leading provider of integrated high quality consumer products in Denmark and Norway, with the opportunity to expand and integrate its existing Nordic operations, but we are also creating the first fully convergent media and communications provider in Europe.

“Convergence is a reality and the development of ever improving consumer products requires ever closer and deeper partnerships between content creators and network operators, which is why this combination will provide the brightest future for our Nordic businesses. This combination will create substantial value for MTG shareholders through the synergies, development potential and cash flow generation of the combined large scale entity, as well as through the accelerated and focused development of our exciting and fast growing global digital entertainment operations.”

Jørgen Madsen Lindemann, MTG President and CEO, continued: “We have enjoyed a long and successful partnership with TDC Group, so we know each other well and understand the value that this combination will create for all stakeholders. Substantial synergies will be unlocked through the combination, and our joint consumer offering will be better, broader and even more available than ever before. The combined company’s growth ambitions will be supported by a strong balance sheet and enhanced cash earnings, investment and distribution capabilities.

“Together, we will have an enhanced platform for the development of the Nordic Entertainment and MTG Studios businesses, which have performed so strongly over the past year and will be led into this exciting new combination by MTG’s Anders Jensen, who has a successful track record in both the media and communications industries. MTG will then focus entirely on building out and adding to our global esports, online gaming and digital video content operations. The regulatory review of the combination is expected to conclude in the second half of the year, so it is business as usual for now with full focus on MTG’s ongoing strategic transformation and profitable growth story.”

“I am very pleased to be announcing the combination of TDC Group and MTG Nordic Entertainment and MTG Studios<” commented Pernille Erenbjerg, Group CEO and President of TDC Group/

“The businesses are highly complementary and will allow us to provide our customers with great quality content and much more flexible next generation entertainment solutions. This company will be the first of its kind in Europe.”

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Related

Filed Under: Editor's Choice, Finance, Newsline, Top Story Tagged With: Denmark, MTG, Nordics, Norway, TDC Edited: 2 February 2018 14:36

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About Robert Briel

Arnhem-based Robert covers the Benelux, France, Germany, Austria and Switzerland as well as IPTV, web TV, connected TV and OTT. Email Robert at rbriel@broadbandtvnews.com.

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