Modern Times Group (MTG) has completed its 75% buyout of youth-orientated, Europe-based channel group, Trace, after receiving regulatory approval from the French media authorities.
MTG, which agreed to buy the controlling stake for €30 million in February, said it will consolidate Trace in its accounts effective July 1 of this year, and report it within the ‘pay TV emerging markets’ segment of its business.
Trace’s management owns the remaining 25% of the company and Trace co-founder Olivier Laouchez will continue in his post as chairman and CEO. Trace offers channels such as Trace Sport Stars and Trace Urban via third party distribution deals in more than 160 territories worldwide, including all 55 in Africa, where MTG is expanding.
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