Danish regulator gives MTG green light for total control of TV 2 Sport
Editor | 21-12-2012
Following regulatory approval from the Danish Competition and Consumer Authority, Modern Times Group (MTG) has completed its acquisition of the remaining shares in the Danish joint venture company TV 2 Sport from TV 2 DANMARK.
TV 2 Sport was launched in April 2007 by MTG and TV 2 Denmark as a joint venture company and has to date been operated independently of both MTG and TV 2 Denmark. The company broadcasts the TV 2 Sport and TV 2 Sport HD channels, as well as the TV 2 Sport Premier League channel in SD and HD.
The channels have together offered a wide range of premium sports content including football from Superligaen, the Barclays (English) Premier League, UEFA Champions League, and the FIFA World Cup qualifiers, NFL American football and other sports events. The payment for the 49% of outstanding shares comprises an undisclosed cash consideration and the transfer of the exclusive Danish broadcasting rights to the European Handball Championships for 2016 and 2018 from MTG to TV 2Denmark.
“This acquisition reflects the success of the TV 2 Sport operation and further enhances our market-leading SD and HD sports coverage,” explained Jørgen Madsen, president and CEO of MTG. "It is clear that our pay-TV sports channel and content offering, when also combined with the sports coverage on our free-TV channels including TV3+, is the most comprehensive in the market and is available to subscribers on multiple TV distribution platforms.”
TTV 2 Sport reported total revenues of DKK 347.7 million for the full year 2011 and DKK 256.3 million for the first nine months of 2012, with total operating profits (EBIT) of DKK 16.8 million and DKK 22.6 million for the two respective periods. MTG will now assume full management and operational control of TV 2 Sport and fully consolidate the results of the business in its accounts with effect from 1 January 2013.