MTG takes full ownership of Zoomin.TV
May 23, 2018
MTG has increased its ownership in Zoomin.TV from 51 per cent to 100 per cent by acquiring the remainder of the company from Adversa Media, controlled by the current CEO and CFO of Zoomin.TV, who founded the company. MTG is paying a cash consideration of €6.2 million for the shares and is also settling Adversa’s €11.3 million of shareholder loans to Zoomin.TV.
Zoomin.TV is a global publisher of online video content targeting Generation Z viewers. Headquartered in Amsterdam and with 16 offices on four continents, Zoomin.TV’s global network of 3,500 freelance video journalists produces digital video content that generates around 3.2 billion views every month.
Zoomin.TV was one of the content providers chosen to support the launch of the Facebook Watch video platform in 2017, and has also signed a partnership with Tencent to bring Zoomin.TV’s content to viewers in China.
Jørgen Madsen Lindemann, MTG President & CEO, commented: “Every day, Zoomin.TV delivers hundreds of videos from around the world that inspire Generation Z. These unique stories have made the company one of the world’s largest online video publishers, and now we will work more closely with Zoomin.TV to reach even more of the world’s most passionate audiences.”
MTG acquired 51 per cent of Zoomin.TV in July 2015 from Adversa and Evalue, and the consideration for the remaining shares is in accordance with the previous agreements with Adversa.
The transaction will result in a preliminary non-cash net gain of approximately €3 million, which will be reported within items affecting comparability in MTG’s Q2 2018 financial results.