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RIGA – Today the process of Swedish media concern Modern Times Group (MTG) selling its Baltic business to international assets manager Providence Equity Partners (Providence) has been completed, and the new company, combining all its businesses in the Baltic states, will be named All Media Baltics, said the company’s head Pierre Danon.
Permissions of the regulators of the three Baltic states, including the Latvian Competition Council, has been received.
MTG, operating in Latvia since 1998, owned TV3, TV3+, TV6, LNT, Kanals 2 TV channels, Star FM radio channel, Tvplay and Skaties internet portals in Latvia, Viasat Eesti TV company, TV3, TV6, TV3+ TV channels in Estonia, TV3, TV3+, TV6 and Viasat Sport Baltic TV channels in Lithuania.
Providence Equity Partners in the Baltic states already controls Bite Group mobile communications company and has a 28.5 percent stake in Latvian internet and cable TV company Baltcom.
As reported, MTG has sold its broadcasting businesses in Estonia, Latvia and Lithuania to Providence Equity Partners, a premier global asset management firm, it was announced in March.