Pan regional European broadcaster Modern Times Group has acquired a majority stake in central and eastern European production company Papriko Latino as it looks to expand its production business.
The broadcaster, which operates 29 free-to-air channels in 11 countries and 38 pay TV networks in 34 countries as well as producer Strix, has bought 53% of the company and will rebrand it as MTG Studios.
Peter Marschall, founder of Paprika, will remain chief executive of the company and will be appointed vice president, CEE, MTG Studios, reporting to Patrick Svensk, chairman and chief executive, MTG Studios and executive vice president, content, Modern Times Group.
Paprika Latino was set up in 2004 and produces local versions of international formats including The Voice and X Factor as well as original formats including Fish On The Cake. The company, which offices in six countries across central and eastern Europe and Costa Rica, is current developing a low cost production hub in Serbia and a production hub for adventure series such as Survivor in Costa Rica.
“The acquisition of the majority stake in Paprika Latino provides us with a significant boost to our content production and acquisition capabilities in Eastern Europe. It is also an important milestone in our broader content strategy, and we are focused on the expansion of MTG Studios’ reach and footprint across our territories,” said Hans-Holger Albrecht, president and CEO of MTG.