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Tuesday 28.01.2020 | Name days: Spodris, Kārlis
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Programme: new TV3 and LNT owner will likely sell channels to someone else

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe next owner of TV3 and LNT television channels, American Providence Equity Partners investment company, will likely sell these channels to someone else after some time, as concluded by De Facto programme of LTV.

LTV reports that PEP has been investing its clients’ money into telecommunications, internet and media companies around the world since the 80s. Its business model includes buying a business for one price and then selling for a much higher price.

Investment consultant Aivars Jurcans mentioned during his conversation with De Facto: «Any fund functions with the thought of being only a temporary owner. Any company owned by a private investment fund is eventually prepared to be sold. The only question is when does it happen – after three, five or seven years?»

The programme reports that journalistic companies work in the field. Such companies are in the minority in PEP’s portfolio. The fund usually sells them after four years. Providence, along with other investors, has invested in German ProSieben media concern, Spain’s largest press publisher Ricoletos and Hong Kong’s television market leader TVB. In addition, media companies are usually reformed before the sale. For example, Univision, which owns the most popular American television channels in Spanish, is now expecting a wave of lay-offs and transition to entertainment format.

LTV also notes that before selling companies, investment funds reform the businesses they own in order to increase their value. Several years ago, PEP bought Bite mobile communications and internet operator (works in Latvia and Lithuania).

De Facto concludes that Bite and former MTG businesses will be used to create some new Baltic company. PEP will likely search for ways to reduce costs and optimize operations. The Competition Council doubts it is possible to refuse the new investor in the right to perform changes to the work of publishers and television channels. The condition to preserve TV3 and LNT news services was voiced by the council five years ago, when MTG bought LNT, but was later terminated, De Facto reports.

LTV journalists remind that amendments that were approved last week state – television channels TV3 and LNT are considered important to Latvia’s national security, and their sale has to be coordinated with the Cabinet of Ministers.

BNN had previously reported that Swedish media concern Modern Times Group has sold its broadcasting business in Baltic States to a private capital investment fund Providence Equity Partners.

Ref: 224.109.109.2009


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