Modern Times Group acquires Latvia’s LNT

Free and pay TV broadcaster Modern Times Group has acquired Latvia’s second-ranked commercial broadcaster Latvijas Neatkarīgā Televīzija for an undisclosed sum.

The company broadcasts national commercial channel LNT, Russian language channel TV5 and entertainment channel LMK. LNT posted revenues of just under €7 million for the first nine months of 2011.

Upon completion of the transaction, MTG will assume full operational control of the business and consolidate LNT’s results in its accounts.

“MTG is a growth company and we consistently seek opportunities to build our existing market positions and establish new ones. LNT is such an opportunity and would be an excellent fit with our existing operations in Latvia and across the region,” said Hans-Holger Albrecht, president and CEO of MTG. “LNT’s channel portfolio complements our own offering, which we have developed over the past 14 years, and this transaction would enable us to provide viewers with an even greater variety and quality of Latvian and Russian language programming. With one of our two play-out facilities now located in Riga, we are committed to continuing to invest in Latvia and the Baltic region as the advertising markets stabilise and return to growth.”