MTG buys Turtle Entertainment stake

Scandinavian broadcast giant Modern Times Group (MTG) has completed its third investment in a digital company this summer.

The firm has today announced the completed its acquisition of a 74% stake in Koln-based Turtle Entertainment, owner of e-sports brand ESL (Electronic Sports League).

MTG has already closed the acquisitions of online video entertainment network, content production and advertising sales house Zoomin.TV and the popular Scandinavian multi-channel network Splay.

The investments come as MTG is set to shed 300 jobs across Sweden, Norway, Denmark and the UK as part of a restructure.

Jørgen Madsen Lindemann, MTG President and CEO, said last month that the changes were being made to drive the group’s digital ambitions, fuel investment in MTG’s existing businesses and enable the firm to remain profitable.

The cuts will cost MTG around SEK700m (US$84m) but the restructure is expected to save approximately SEK600m annually from 2017, with the savings being reinvested into MTG’s plans to become a “broad-based video entertainment company.”

“The investments in ESL, Zoomin and Splay are a key part of MTG’s transformation as a global digital entertainer,” said Lindemann.

“They are in line with our strategy is to invest in relevant, complementary and scalable digital brands, content and communities, and will enable us to bring our viewers the best entertainment we can across all of our verticals.”