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TDC withdraws its 2.4-billion-dollar acquisition bid for Nordic TV business of MTG

TDC GroupDanish telecoms company TDC withdraws its 2.4-billion-dollar acquisition bid for the Nordic TV business of Swedish media conglomerate Modern Times Group (MTG). TDC announced a 2.5 billion USD takeover of MTG’s broadcasting and entertainment business on February 1st, but today the Board of Directors withdrew its recommendation of a deal after analyzing the market environment.

“Modern Times Group MTG AB has been informed by TDC A/S that its board of directors intends to withdraw its recommendation of the signed agreement with MTG to combine its Nordic Entertainment and MTG Studios businesses with TDC Group”, said the official statement of MTG.

Under the pact, MTG would have sold its entertainment division and its broadcasting and streaming services, including the TV channel TV3, the satellite TV platform Viasat and the streaming service Viaplay, as well as its production outfit Nice Entertainment and the distribution banner DRG.

MTG Nordics’ original drama credits include “Veni Vidi Vici” and “Black Lake”. The group’s Viaplay has become the Nordics’s biggest local streaming service.

TDC Group (formerly Tele Danmark Communications) is a Danish telecommunications company dating back to 1879. The company’s headquarters are located in Copenhagen. TDC Group is the parent company of several subsidiaries and brands: Blockbuster, Cirque A/S, Companymobile, Dansk Kabel TV, Fullrate, Get AS, NetDesign, TDC Erhverv, Telmore, Unotel, and YouSee.