Modern Times Group sales up 17%

Earnings rise to $266 million in second quarter

STOCKHOLM — Media giant Modern Times Group upped net sales in the second quarter by 17% to $553 million, compared with $473 million last year.

Net earnings rose from $60 million to $266 million.

Prexy and CEO Hans Holger Albrect told Variety: “There is great growth in all areas. We are now operating in 24 countries.

“It is difficult to say how much the company can grow, because we also have to keep managing the growth.

“The business is never static and there are things happening with digitalization, video streaming, etcetera.

“And even though TV will always be there, Internet will take its share.”

MTG recently launched what Albrecht called “our adventure in Africa.” “We have a first license to operate in Ghana. Now we are looking at further possibilities.”

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