Sweden’s media group MTG has secured a credit facility of SEK1 billion ($112 million) from the Stockholm-based bank Nordea.
MTG is also still looking to sell its 95% stake in Bulgarian commercial media group Nova and is currently in talks with several buyers. MTG had previously made an agreement to sell Nova to PPF Group, but the deal was not approved by Bulgaria’s anti-trust board.
MTG will be splitting off its TV operations, including MTG Studios and Splay Networks, into a separate entity, NENT Group (Nordic Entertainment Group), in March. NENT Group will also be listed on the stock market. The banner encompasses the TV channel TV3, the satellite TV platform Viasat and the streaming service Viaplay, as well as the production outfit Nice Entertainment and the distribution banner DRG. The banner’s original drama credits include “Veni Vidi Vici,” “Black Lake,” “Swedish Dicks” and, most recently, the fantasy thriller “Hidden.”
MTG, meanwhile, will bring together the company’s non-TV related operations, such as e-sports (ESL, DreamHack, ESEA) and digital video content (Zoomin.TV, Engage Digital Partners).
Jørgen Madsen Lindemann, the president and CEO of MTG, said that the “new credit facility will provide [the company] with additional flexibility to continue to invest organically and via M&A, in order to develop our global digital entertainment verticals after the listing of NENT Group.” The executive added that the sale of its stake in Nova was “also part of this strategy.”
The deal with Nordea will allow MTG to access a three-year revolving credit in part or full after the listing of NENT Group.