MTG partners in Latvian TV

Scandi conglom continues Baltic move

AMSTERDAM — Scandinavian media conglom Modern Times Group (MTG) has moved to bulk up its Baltic States holdings for the second time in the last two weeks, this time acquiring a majority stake, along with a private business partner, in Latvian Channel 31.

Channel 31, which has a 50% reach, is to be renamed TV3 Latvia, giving MTG’s TV3 chain a presence in all three Baltic States.

The 51% stake was acquired from Parex Bank, Latvia’s largest financial institution, by MTG and Swedish Latvian businessman Karl Mikael Cakste. Parex Bank will retain a 49% stake in the channel.

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