AMSTERDAM — Kinnevik, one of Sweden’s largest business conglomerates, voted today to spin off its broadcast and entertainment arm Modern Times Group (MTG) as a separate company.
MTG, which owns a raft of TV channels and production companies scattered across Scandinavia and in the Baltic States, will be launched on a yet-to-be-determined stock exchange as an independent company Sept. 15. A spokesperson for MTG said the share price had not yet been set.
Pay programmer TV1000, which has channels in all three Scandinavian territories, will remain within the Kinnevik group, as will its Swedish AirTime TV sales house. AirTime in Norway, Denmark and the Baltic States will spin off with MTG.
MTG channels include broad entertainment network TV3, which operates in Norway, Sweden, Denmark and the Baltic States; youth and music net ZTV; and women’s web TV6. Its stable of production interests include top Swedish TV production companies Strix and Trash TV. The company also owns ViaSat, one of the largest channel service providers in Scandinavia, as well as growing publishing interests.
Kinnevik earlier this year announced it wanted to give shareholders direct ownership of its businesses and subsequently spun off NetCom Systems. MTG is the second business group to demerge. Its forestry and investment arms have yet to announce plans to launch independently.