Nordic Entertainment to be listed next March

Modern Times Group is to move ahead with the split-off of broadcasting and streaming arm Nordic Entertainment Group, with a listing for new company planned for the first quarter of next year.

MTG said that a request for approval of the plan to float Nordic Entertainment would be put to an extraordinary general meeting in Q1, resulting in a listing of the company’s shares in March.

MTG and Nordic Entertainment have operated as separate companies with separate brands since July.

As part of the move to list Nordic Entertainment following the completion of conglomerate Kinnevik’s distribution of its shareholding in MTG to shareholders last month, Anders Borg, Henrik Clausen and Kristina Schauman have been appointed to the board of the new company, alongside chairman David chance, Simon Duffy and Nathalie Tydeman.

Borg was Sweden’s Minister of Finance from 2006 to 2014 and is a member of the board of directors of Stena International. Clausen has been President & CEO of Bang & Olufsen since 2016, prior to which he was EVP of Strategy & Digital for Telenor Group from 2014 to 2015. Schauman is a partner and owner of advisory firm Calea AB, and was a Board member of state-owned Apoteket AB from 2009 to 2018, including a period as acting CEO and CFO during 2010 and 2011.

“We have continued our work to split MTG into two companies during the summer and have welcomed a number of new shareholders as a result of the Kinnevik distribution. The split and listing are intended to provide shareholders with enhanced value and two different and attractive stories,” said Chance.

“We have also now appointed three new highly experienced Board Directors with wide ranging experience across a variety of businesses and sectors in the Nordic region, who will add further to the work and competence of the NENT Group Board. The appointment of such high caliber new Board members clearly reflects the quality and potential of NENT Group. Subject to EGM approval, we now expect NENT Group to be listed in the first quarter of next year.”