The Modern Times Group has taken control of Splay, Sweden’s largest multichannel network.
The Sweden-listed TV company already held a 49% stake in Splay and has now upped its interest to 81%, acquiring the extra equity direct from the MCN’s founders.
Having started out in Sweden, Splay now also runs channels in Norway and Denmark and has expanded its operation to Germany.
Splay channels include I Just Want To Be Cool, Clara Henry and Rackartygarna. In Norway it runs the Prebz og Dennis YouTube channel and in Denmark Kristine Sloth.
The MCN generates revenue from advertising and marketing campaigns for brands including Coca-Cola and McDonalds.
Splay will continue to be managed by founder Vigor Sörman and his team. Splay’s results will now be consolidated within those of MTGx, MTG’s digital division.
No financial details were broken out for the equity increase.
Jørgen Madsen Lindemann, MTG president and CEO said: “Splay’s hypergrowth reflects the mass appeal of its content and huge potential of this proven business model. Splay is a fantastic youth entertainment brand, and this investment reflects the success of our partnership to date and high ambition for the future.”
Vigor Sörman added: “Thanks to our cooperation with MTG, we have gone from a basement company to the market leader in our home markets. MTG’s continued investment in Splay makes it possible for us to continue building our brand, develop our talents, and accelerate our international expansion.”
The deal is latest in a long line of investments traditional media groups have made in MCNs in the past four years.