MTG completes FTV Prima sale

Scandinavia’s Modern Times Group (MTG) has sold its 50% stake in Czech broadcaster FTV Prima for a total cash consideration of €116m (US$127m).

Jørgen Madsen Lindeman

MTG agreed to sell its stake in the broadcaster to Denemo Media, a joint venture between two Czech investment firms, earlier this year. MTG acquired 50% of the business in 2005 for €87m in cash.

The Scandi company will use the proceeds to increase its stake in Munich-based online games developer and publisher InnoGames from 21% to 51%.

This is a continuation of MTG’s strategy to transition from a traditional broadcaster into a digital video entertainment company under the management of president and CEO Jørgen Madsen Lindemann, and follows recent investments in companies such as Zoomin.TV and ESL.

The company has sold stakes in Russian outfit CTC Media after regulatory changes and off-loaded its free TV networks in Ghana and Nigeria, having shed jobs in 2015.

Denemo Media is a Czech JV from Denemo Invest, a subsidiary of Alphaduct, which is owned by Czech businessman Vladimir Komar, and GES Media Asset, part of GES Group, which already owns 50% of FTV Prima.