MTG to demerge Nordic unit after failed TDC deal

Swedish media group MTG has revealed it is to split in two, demerging its Nordic TV business and listing it on the Nasdaq Stockholm exchange, after the sale of the unit to Danish telecoms company TDC Group fell through in February, Reuters writes. TDC dropped its planned USD2.5 billion takeover of the Nordic TV business, after it received a takeover offer itself from a financial consortium. MTG said the two new divisions – Modern Times Group and Nordic Entertainment Group – would give each a clear investment profile and allow them to be more focused. It plans to distribute all the shares in Nordic Entertainment Group to MTG’s shareholders, and list them on the bourse. MTG will, after the split, include the firm’s e-sports business, online gaming and digital video content operations, as well as other minority holdings. The firm said Nordic Entertainment Group, which will be headed by business area chief Anders Jensen, would include MTG Nordic Entertainment, MTG Studios and Splay Networks.