NENT Group agrees sale of 12 NENT Studios production labels to Fremantle
Nordic Entertainment Group (NENT Group) has agreed the sale of 12 NENT Studios production labels to Fremantle. The sale is in line with NENT Group’s stated ambition to focus NENT Studios on scripted content for its Viaplay streaming service, which will be available in at least 15 countries by the end of 2023.
The agreement with Fremantle covers 12 labels in four Nordic countries that operate across non-scripted, scripted and factual businesses: Strong Productions (Denmark); Grillifilms, Moskito Television and Production House (Finland); Monster, Novemberfilm, One Big Happy Family, Playroom, Rakett and Strix TV (Norway); and Baluba and Strix Television (Sweden).
Fremantle is one of the world’s largest creators, producers and distributors of scripted and unscripted content. With a footprint spanning 26 territories, the company’s original programming includes more than 12,000 hours and it distributes over 30,000 hours of content in more than 180 territories.
Gabriel Catrina, NENT Group EVP & Chief Financial Officer: “We are confident that Fremantle’s global reach will create many opportunities for these fine businesses. This agreement concludes the divestments of all the Studios assets that we had planned for. Our remaining Studios assets will now focus primarily on delivering scripted content exclusively for Viaplay, leading to Studios eventually being removed as a separate disclosure of revenue in our reporting.”
Jennifer Mullin, CEO, Fremantle: “This is an exciting opportunity both to grow our presence in the Nordics and embrace a wealth of exceptional new talent into the Fremantle family. Nordic IP is hugely successful internationally, and with our ability to amplify distribution on a global level, I am confident we will be able to take the great content produced by these labels to an even wider audience.”
The transaction is subject to customary closing conditions and regulatory approvals, and is expected to close in Q3 or Q4 this year when NENT Group will report the financial impact of the transaction. The non-cash financial impact of the previous sales of Splay One and NENT Studios UK will be included in NENT Group’s Q2 results, with a minimal impact on discontinued operations and approximately SEK -75 million reported as an item affecting comparability for the continuing operations.
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NOTES TO EDITORS
Nordic Entertainment Group AB (publ) (NENT Group)’s Viaplay streaming service is available in every Nordic country and in Estonia, Latvia and Lithuania. Viaplay will launch in Poland and the US in 2021 and the Netherlands in 2022, followed by four additional markets by the end of 2023. We operate streaming services, TV channels, radio stations and production companies, and our purpose is to tell stories, touch lives and expand worlds. Headquartered in Stockholm and with a global outlook, NENT Group is listed on Nasdaq Stockholm (‘NENT A’ and ‘NENT B’).
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