NENT Group sells 12 production labels to Fremantle
- The agreement covers one studio based in Denmark, three in Finland, six in Norway and two in Sweden
NENT Group has agreed to sell 12 of its production labels to Fremantle. The official press release states that the deal is in line with the group’s “ambition to focus on scripted content for its Viaplay streaming service, which will be available in at least 15 countries by the end of 2023”.
Specifically, the agreement covers a dozen production labels based in four Nordic countries that operate across non-scripted, scripted and factual businesses. The studios involved are Denmark’s Strong Productions; Finland’s Grillifilms, Moskito Television and Production House; Norway’s Monster, Novemberfilm, One Big Happy Family, Playroom, Rakett and Strix TV; and Sweden’s Baluba and Strix Television.
Talking about the deal, Fremantle’s CEO, Jennifer Mullin, said: “This is an exciting opportunity both to grow our presence in the Nordics and to 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 that we will be able to take the great content produced by these labels to an even wider audience.”
NENT Group’s EVP and chief financial officer, Gabriel Catrina, added: “We are confident that Fremantle’s global reach will create many opportunities for these fine businesses. This agreement concludes the divestment of all of the studio assets that we had planned for. Our remaining studio 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.”
NENT announced that the transaction would be subject to customary closing conditions and regulatory approvals. It is expected to close in Q3 or Q4 2021, when the group will report the financial impact of the transaction. Finally, the Nordic giant also disclosed, “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.”
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