LONDON — Multi-territory TV channels operator Modern Times Group has acquired 51% of online video platform Zoomin, which is the world’s fifth largest multi-channel network (MCN). The deal values Zoomin at Euros 88 million ($95.4 million).
Zoomin attracts more than 2 billion video views a month and has 100 million subscribers worldwide on YouTube. It also has a network of 2,000 publishers, including leading media brands such as Yahoo, AOL, Bild and Telegraaf. Jan Riemens and Bram Bloemberg, who founded the company in 2002 in the Netherlands, will continue to lead the company.
The deal follows MTG investments in ESL, the world’s largest e-sports company, and Splay, Scandinavia’s number one MCN and digital content creator, in the last few weeks, and reflects MTG’s strategy to invest in digital businesses with substantial growth potential.
MTG’s portfolio also includes the Viaplay Nordic subscription video-on-demand service, e-sports platform Viagame, and advertising-funded video-on-demand TV sites in eight European countries.
Jorgen Madsen Lindemann, MTG president and CEO, said in a statement: “It is now clear that we are creating an online video ecosystem that is fully prepared to capitalize on the next steps in the evolution of social video. It will enable both Zoomin and our other market leading digital brands to expand even faster by leveraging our combined consumer insight, reach and cross-promotional potential.”