×
You will be redirected back to your article in seconds

Danish Telecoms Group TDC to Withdraw Its $2.4 Billion Bid for MTG

Danish telecoms operator TDC Group is set to withdraw its bid to acquire the Nordic TV business of Swedish media conglomerate Modern Times Group (MTG) in a deal valued at €2 billion ($2.4 billion). Announcement of the intended withdrawal comes less than two weeks after the acquisition was unveiled.

“Modern Times Group MTG AB has been informed by TDC A/S that its board of directors intends to withdraw its recommendation of the signed agreement with MTG to combine its Nordic Entertainment and MTG Studios businesses with TDC Group,” MTG said Monday. No reason was given for the TDC board’s decision, which is subject to approval by the telco’s shareholders.

Unveiled Feb. 1, the deal was meant to allow TDC Group to acquire MTG’s entertainment assets to form a combined media and communications provider. The new company would have had the potential of reaching more than 10 million households across the Nordics, according to TDC Group.

Under the pact, MTG would have sold its entertainment division and its broadcasting and streaming services, including the TV channel TV3, the satellite TV platform Viasat and the streaming service Viaplay, as well as its production outfit Nice Entertainment and the distribution banner DRG.

MTG Nordics’ original drama credits include “Veni Vidi Vici,” “Black Lake” and “Swedish Dicks” (pictured). The group’s Viaplay has become the Nordics’s biggest local streaming service.

More Digital

  • Infowars Alex Jones

    Roku Removes Infowars Channel Following Backlash

    Roku has taken the Infowars channel off its platform after the streaming device faced criticism for carrying the controversial program hosted by right-wing conspiracy theorist Alex Jones. “After the InfoWars channel became available, we heard from concerned parties and have determined that the channel should be removed from our platform,” stated the company’s tweet on [...]

  • SAMUEL L. JACKSON in Glass. M.

    ‘Glass’ Again Tops Studios’ TV Ad Spending

    In this week’s edition of the Variety Movie Commercial Tracker, powered by the TV advertising attention analytics company iSpot.tv, Universal Pictures claims the top spot in spending for the second week in a row with “Glass.” Ads placed for the superhero thriller had an estimated media value of $9.89 million through Sunday for 1,183 national [...]

  • Snap Inc

    Snap CFO Tim Stone to Leave Company

    Snapchat corporate parent Snap Inc. is facing another major executive departure: The company’s chief financial officer Tim Stone is on his way out, Snap revealed in a regulatory filing Tuesday afternoon. Stone will stay with the company to find a new candidate for his position for the time being, according to the filing. His last [...]

  • birdbox Sandra Bullock

    Will Netflix's Latest Price Hike Spur a Customer Backlash?

    Netflix is rolling out its biggest price increase to date — including hiking the standard HD plan from $10.99 to $12.99 per month — for all subscribers in the U.S. and parts of Latin America. The obvious risk: Some customers will see the higher prices as a reason to bail on Netflix, while there’s also [...]

  • Alex Jones Infowars

    Roku Faces Criticism Over Infowars Channel

    Streaming device maker Roku faced a backlash Tuesday over its decision to carry a channel for Infowars, the controversial website of right-wing conspiracy theorist Alex Jones. The company responded by saying that Infowars wasn’t currently violating its terms of use. The uproar over Roky carrying Infowars comes a few months after most other major platforms, [...]

  • BTS 'Burn the Stage: The Movie'

    BTS 'Burn the Stage: The Movie' Documentary Set to Hit YouTube Premium Service

    “Burn the Stage: The Movie,” a documentary following K-pop group BTS on their 2017 concert tour, will be streaming on the YouTube Premium subscription service starting this Friday. The movie is based on the previous YouTube original series “BTS: Burn the Stage.” Since its release in theaters worldwide last November, “Burn the Stage: The Movie” has [...]

  • Sofia Coppola Bill Murray

    Sofia Coppola and Bill Murray Reteam on Apple and A24's First Co-Production

    Apple has officially entered the feature film world. Apple and A24 have teamed up on their first film under their recently formed partnership with “On the Rocks,” Sofia Coppola’s next pic, reteaming her with her “Lost in Translation” star Bill Murray along with Rashida Jones. Coppola will direct from a script she wrote. Coppola and [...]

More From Our Brands

Access exclusive content