Swedish digital entertainment giant Modern Times Group (MTG) has agreed to acquire 51% of Zoomin.TV, a European online video entertainment network, content production and ad sales house at a total enterprise value of €88 million.
Zoomin.TV’s co-founders, Jan Riemens and Bram Bloemberg, will stay on to "drive the company’s development" after the transaction, which is billed as an investment rather than a purchase.
Originally started in Amsterdam and currently boasting offices in places like London, Brussels, Paris, Hamburg, Madrid, Barcelona, Milan, Miami, Los Angeles, Mexico City and São Paulo, Zoomin.TV is the 5th largest multi-channel network in the world, attracting more than 2 billion monthly video views and 100 million subscribers worldwide on YouTube.
Zoomin.TV also has a network of 2,000 publishers, including media brands such as Yahoo, AOL, Bild and Telegraaf. Zoomin’s daily production is said to include more than 400 premium short video clips in 18 languages and 27 categories from video journalists all around the world.