Econet buys MTG African outfits

Scandinavia-based media operator Modern Times Group (MTG) has completed the sale of its free-TV broadcasting and production businesses in Ghana and Nigeria.

The operations have been sold for an undisclosed sum to global telecoms firm Econet Media Group, which is also buying MTG’s free-TV broadcasting business in Tanzania.

The sales are part of MTG’s strategy to shift itself from a traditional broadcaster into a digital video entertainment company, having bought firms including Zoomin and exporter ESL.

The African free-TV and production businesses generated sales of SEK21m (US$2.25m) in the first 11 months of 2016, to which Ghana and Nigeria contributed SEK18m.