Modern Times Group

Modern Times Group, commonly known as MTG, is a Swedish media and digital-entertainment group headquartered in Stockholm. Its roots are in the Scandinavian television and radio assets assembled by the investment company Kinnevik during the 1980s and 1990s. The group’s early identity was built around TV3, a pioneering commercial television service launched in Sweden in 1987, together with pay-TV, radio, production, home-shopping and satellite-distribution businesses. MTG was formally incorporated as a Kinnevik subsidiary in 1995, and its shares were distributed to Kinnevik shareholders and publicly listed in 1997. For much of its first three decades, MTG was associated with the Viasat platform and a broad portfolio of TV channels. Viasat distributed general-entertainment, sports, factual, film and children’s programming through satellite and later digital services across the Nordic and Central and Eastern European markets. The group also operated or invested in radio networks, production companies, newspapers, online portals and television ventures. Strix Television, one of its production businesses, became particularly notable for developing and exporting reality-television formats, including the Survivor format that was sold internationally. MTG’s strategic direction changed substantially during the 2010s. Rather than remaining primarily a broadcaster, the group began concentrating on scalable digital businesses, esports, online video and games. In 2015 it acquired a majority stake in Turtle Entertainment, the German esports operator behind the Electronic Sports League, and bought DreamHack, the Swedish esports and gaming-event company. It also acquired a controlling interest in Zoomin.TV, a digital-video network. Subsequent investments included InnoGames, a German free-to-play game developer, and Kongregate, a U.S. games publisher and online games platform. These transactions shifted MTG’s centre of gravity toward digital communities, games, esports competitions and creator-led video. The transformation was accompanied by substantial portfolio disposals. MTG sold or separated several television, radio and regional businesses, including assets in Hungary, Russia, Ukraine, Africa and the Baltic states. In 2018, Kinnevik distributed its remaining MTG shares to Kinnevik shareholders. In 2019, MTG distributed shares in its Nordic Entertainment business to shareholders, creating a separately listed entertainment company that became Viaplay Group. After that separation, MTG’s continuing operations were principally a portfolio of gaming, esports and digital-entertainment companies rather than a Nordic broadcasting platform. MTG is therefore best understood as a strategic and operational investment holding group. Its portfolio has included InnoGames, Ninja Kiwi, ESL, DreamHack and Zoomin.TV, with the exact composition changing through acquisitions, disposals and ownership adjustments. The company’s positioning is based on acquiring and developing international digital brands that combine intellectual property, online communities, recurring engagement and global distribution. Unlike a traditional broadcaster, MTG’s current identity is tied more closely to interactive entertainment and digital ecosystems than to linear television. Its listed B shares trade on Nasdaq Stockholm under the symbol MTG-B.

Modern Times Group developed from Kinnevik’s media holdings. Its formative event was the launch of TV3 in Sweden on New Year’s Eve 1987. TV3 was among Scandinavia’s first commercial television channels and initially used satellite distribution to reach viewers beyond the limits of the terrestrial broadcasting systems. The service expanded into Norway and Denmark in 1988, while Kinnevik’s media interests added production, pay television and home-shopping activities. Strix Television began operations in 1988, TV1000 launched in 1989, and TV Shop became another early commercial-media activity. During the early 1990s, the portfolio broadened into radio, satellite distribution and television across the Baltic and Central European regions. Viasat was established as a satellite television platform, while TV3 developed country-specific Scandinavian services. The group also participated in TV4 and commercial radio ventures, introduced channels such as ZTV and TV6, and expanded the Metro newspaper concept. In 1995, MTG was incorporated as a Kinnevik subsidiary. In 1997, shares in MTG were distributed to Kinnevik shareholders and listed publicly, giving the media group an independent corporate identity. The late 1990s and early 2000s were characterized by expansion in pay television, digital satellite services, radio and international broadcasting. Viasat added sports, film, factual and entertainment channels, and moved from analogue toward digital distribution. MTG acquired or invested in television and radio businesses in Russia, the Baltics, Bulgaria, Hungary and other markets. Its production arm Strix also developed and exported reality formats, helping the group participate in international television-format licensing rather than relying solely on channel distribution. MTG continued to adjust its portfolio during the 2000s and early 2010s. It launched high-definition and specialized sports services, expanded Viasat’s regional offerings, and bought or sold interests in radio, free-to-air television, pay television and production. At the same time, the company disposed of non-core assets, including various film, betting, African, Russian, Ukrainian, Hungarian and Baltic operations. This process reduced the importance of linear broadcasting within the overall group. A decisive strategic shift began in 2015. MTG invested in Turtle Entertainment and its Electronic Sports League brands, acquired DreamHack, and took a controlling position in Zoomin.TV. These deals connected MTG with esports competitions, gaming events, online video and creator communities. Investments in InnoGames and Kongregate in 2016 and 2017 extended the strategy into game development and publishing. MTG also created a gaming investment fund and made further portfolio investments in digital businesses. The corporate structure changed again in 2018 and 2019. Kinnevik distributed its MTG shares to its shareholders in 2018. MTG then separated its Nordic Entertainment and related businesses, distributing shares in the new Nordic Entertainment Group to MTG shareholders in 2019. That company later adopted the Viaplay Group name. Following the separation, MTG became a more focused digital-entertainment investment group with interests in games, esports and online video. Its continuing model is to own, develop and combine international entertainment companies whose products can reach large digital audiences through games, competitive events, video platforms and online communities.

1. 2019Nordic Entertainment is separated from MTG

   MTG distributes shares in Nordic Entertainment Group, later known as Viaplay Group, as part of its digital-entertainment transformation.

   Source
2. 2018Kinnevik distributes its MTG shares

   Kinnevik distributes its remaining MTG shares to Kinnevik shareholders.

   Source
3. 2017InnoGames becomes a majority-owned company

   MTG raises its holding in InnoGames to 51 percent and launches a gaming investment fund.

   Source
4. 2016MTG expands into digital games

   The company acquires stakes in InnoGames and Kongregate.

   Source
5. 2015MTG enters esports

   MTG acquires majority control of Turtle Entertainment and buys DreamHack.

   Source
6. 2001Viasat completes analogue-to-digital transition

   Viasat becomes one of the first European satellite broadcasters to switch its premium services from analogue to digital transmission.

   Source
7. 1997MTG becomes independently listed

   MTG shares are distributed to Kinnevik shareholders and listed publicly.

   Source
8. 1995MTG is incorporated

   Modern Times Group is incorporated as a subsidiary of Kinnevik.

   Source
9. 1991Viasat satellite platform launches

   Viasat begins operating as MTG’s satellite television distribution platform.

   Source
10. 1989TV1000 launches

    MTG’s developing pay-TV portfolio gains a movie-oriented service with the launch of TV1000.

    Source
11. 1988TV3 expands to Norway and Denmark

    The commercial channel extends its Scandinavian reach, while Strix begins independent television production.

    Source
12. 1987TV3 launches in Sweden

    TV3 begins broadcasting on New Year’s Eve, establishing the commercial television foundation from which MTG develops.

    Source

An international digital-entertainment investment group focused on games, esports, online communities and scalable intellectual property.

• TV3Commercial television1987

  TV3 was the commercial television service that established MTG’s original media identity. It launched in Sweden in 1987 and expanded to Norway and Denmark in 1988. The service used satellite distribution and later operated country-specific Scandinavian channels, combining advertising-funded programming with entertainment, news and other general-interest content. Although broadcasting is no longer the centre of MTG’s continuing portfolio, TV3 remains a defining historical asset of the group’s development.

• ViasatSatellite and pay television1991

  Viasat was MTG’s satellite television platform and one of its most important historical businesses. It distributed MTG-owned and third-party channels across Nordic, Baltic and Central and Eastern European markets. The portfolio included sports, film, factual, general-entertainment and specialist services. Viasat also played a role in MTG’s transition from analogue satellite broadcasting to digital distribution and later high-definition services.

• ESLEsports

  Electronic Sports League, commonly known as ESL, is an esports competition and tournament brand associated with Turtle Entertainment. MTG acquired a majority interest in Turtle Entertainment in 2015, making ESL a central part of the group’s move from linear media into competitive gaming. Its activities have included organized tournaments, leagues, broadcasts and related esports content.

• DreamHackGaming events and esports

  DreamHack is a Swedish gaming festival and esports-event organizer acquired by MTG in 2015. Its events combine esports competitions, gaming culture, LAN-party heritage, creator activity and live entertainment. The acquisition gave MTG a recognizable event platform and helped connect its esports operations with gaming communities and audiences outside traditional television.

• InnoGamesOnline games

  InnoGames is a German game developer known for online and free-to-play titles. MTG first acquired a significant minority stake in 2016 and increased its holding to 51 percent in 2017. The investment marked MTG’s expansion into game development and recurring digital engagement, complementing its esports and online-video activities.

• KongregateGame publishing and online games

  Kongregate is a U.S.-based games publisher and online games platform acquired by MTG in 2017. It broadened MTG’s exposure to digital game publishing, browser-based entertainment and online player communities. The business fit the group’s strategy of investing in entertainment properties that can be distributed internationally through digital channels.

• Zoomin.TVDigital video

  Zoomin.TV is a digital video network and creator-oriented media business in which MTG acquired a controlling interest during 2015. It represented the group’s effort to participate in online video distribution and the rapidly expanding ecosystem of digital creators, short-form content and platform-based audiences.

• 2019Separation of Nordic Entertainment GroupM&A

  MTG’s strategic transformation required separating its Nordic broadcasting and streaming operations from its growing digital-investment businesses.

  What changed. MTG distributed shares in Nordic Entertainment Group to its shareholders, creating a separately listed entertainment company that later became Viaplay Group.

  Aftermath. MTG emerged as a more focused digital-entertainment investment group centered on games, esports and online video.

  Source
• 2017Increase in gaming ownership and investmentStrategy

  MTG continued to build a portfolio of scalable gaming assets rather than relying primarily on broadcasting.

  What changed. The company increased its InnoGames holding to 51 percent and established a gaming investment fund.

  Aftermath. Gaming became one of the group’s principal growth areas.

  Source
• 2016Expansion into game development and publishingM&A

  Following its esports investments, MTG sought additional digital-entertainment assets with international distribution and recurring user engagement.

  What changed. MTG acquired a 35 percent stake in InnoGames and acquired Kongregate in the United States.

  Aftermath. The transactions expanded MTG from esports and video into online games and game publishing.

  Source
• 2015Shift toward digital entertainment and esportsStrategy

  MTG’s traditional television and radio portfolio faced a media environment increasingly shaped by online video, games and digital communities.

  What changed. The group acquired interests in Zoomin.TV, Turtle Entertainment and DreamHack, beginning a systematic expansion into online video and esports.

  Aftermath. Esports, gaming and digital video became central to MTG’s corporate identity and later portfolio structure.

  Source

• 2019MTG separates Nordic Entertainment operations

  MTG distributed shares in its newly separated Nordic Entertainment business to shareholders. The business later became Viaplay Group, leaving MTG focused on digital entertainment investments.

  M&A
  Source
• 2017MTG increases its InnoGames ownership

  MTG raised its ownership of InnoGames to a majority position, reinforcing its focus on free-to-play and browser-based games.

  M&A
  Source
• 2016MTG expands into games with InnoGames and Kongregate

  MTG acquired an initial stake in German developer InnoGames and bought U.S. games publisher and platform Kongregate.

  M&A
  Source
• 2015MTG acquires a majority stake in Turtle Entertainment and ESL

  MTG entered the esports sector by acquiring a majority interest in Turtle Entertainment, the German operator associated with Electronic Sports League.

  M&A
  Source
• 2015MTG acquires DreamHack

  The group acquired the Swedish esports tournament and gaming-event organizer DreamHack, strengthening its presence in live competitive gaming.

  M&A
  Source

1. Modern Times Group
2. Modern Times Group official website