MTG finalises Trace sale

Scandinavian media giant Modern Times Group (MTG) has concluded the sale of its stake in music and sports broadcaster Trace to investment firm TPG Growth.

The deal, first announced in January, is worth €30m (US$37m) for the 75% stake in Trace MTG bought in 2014.

Trace operates 21 pay TV channels including Trace Urban and Trace Africa, as well as radio stations and online services in more than 160 countries, claiming 200 million viewers and listeners.

The sale is part of MTG’s ongoing move away from linear broadcasting, which has already seen it sell its stake in Russian broadcaster CTC Media and offload its Hungarian channels to Sony Pictures Television.

Late last year it completed the sale of its free TV broadcasting and production businesses in Ghana and Nigeria, and in October completed a deal to offload its TV businesses in Estonia, Latvia and Lithuania for €115m (US$124m).

The firm has simultaneously been investing in multi-channel networks including Splay and Zoomin.TV and rolling out Viaplay across Eastern Europe.