RIGA, Oct. 18 (Xinhua) -- U.S. private equity investment firm Providence Equity Partners (Providence) has become the official owner of Latvia's leading commercial TV channels LNT and TV3 as it has completed the acquisition of the Baltic business of Swedish media holding Modern Times Group (MTG), Latvian media reported Wednesday.
MTG announced the deal already in the spring of 2017, but the Latvian Competition Council approved it only this week.
The former MTG companies in the Baltic states will be united under a new name - All Media Baltics, or AM Baltics.
MTG has sold its Baltic business for 115 million euros, and the American investor has promised to inject another 10 million euros in the AM Baltics companies over the coming year. The financing is meant for technological development, including the Latvian television channels' switch to HD broadcasts.
The media companies' takeover has also been approved by the Latvian government.
A few years ago, Providence acquired Bite mobile operator, which provides services in Latvia and Lithuania.
AM Baltics head Pierre Danon said at a news conference in Riga on Wednesday that the Baltic companies might be resold in the next five to ten years. Enditem
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