EU – Baltic States, Investments, Latvia, Legislation, Markets and Companies

Permissions of the regulators of the three Baltic states, including the Latvian Competition Council, has been received.

MTG, operating in Latvia since 1998, owned TV3, TV3+, TV6, LNT, Kanals 2 TV channels, Star FM radio channel, Tvplay and Skaties internet portals in Latvia, Viasat Eesti TV company, TV3, TV6, TV3+ TV channels in Estonia, TV3, TV3+, TV6 and Viasat Sport Baltic TV channels in Lithuania.

Providence Equity Partners in the Baltic states already controls Bite Group mobile communications company and has a 28.5 percent stake in Latvian internet and cable TV company Baltcom.

Further growth of the new company will be developed by combining the local and international experience and expertise. „As we plan to invest in new technologies – HD and VOD platforms, I believe that my huge experience in the telecommunications sector will be a valuable contribution,” said Danon.

He said that no radical changes are planned in the TV channels. The main focus will be put on technological development and new products.

Providence executive director Karim Tabet said that the company has resolved to invest in this strong media industry player. In the first year Providence plans to invest more than EUR 10 million to create new products and services and meet the growing customer demands.

Tabet also said that All Media Baltics companies will retain editorial independence, equal and fair terms for all media and advertising market players. Providence also appreciates the work of the local management teams and confirmed that they will continue their work in each country.

All Media Baltics head in Latvia, Baiba Zuzena voiced readiness for the challenge. „We are happy to join Providence – a player with international experience in telecommunication and media sectors,” she said.

As reported, MTG has sold its broadcasting businesses in Estonia, Latvia and Lithuania to Providence Equity Partners, a premier global asset management firm, it was announced in March.