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.