MAG Interactive has entered into an agreement to acquire the
Swedish media company Sventertainment AB, the developer of the
successful trivia app Primetime.
STOCKHOLM, Aug. 28, 2020 /PRNewswire/ -- MAG Interactive
announces today that the company will acquire all shares in
Sventertainment AB, purchasing them for a sum of SEK 20 million, with an additional purchase sum
corresponding to maximum SEK 80
million based on profit targets for the next three years.
Payment is made in cash and is financed through existing cash and
cash equivalents.
Sventertainment is a Swedish media company specializing in
live-streamed entertainment. The company developed the successful
trivia app Primetime, which broadcasts live trivia seven days a
week.
"Primetime is an excellent addition to our catalog of smart,
easily accessible word and trivia games and fits in particularly
well with New QuizDuel. We want to create synergy between Primetime
and MAG by integrating live broadcasts into New QuizDuel, making
this the next strategic step toward becoming a world leader in
trivia. With live broadcasting we will offer something completely
new and exciting and are building unique added value for our
QuizDuel players long-term. Primetime's complementary business
model, that is based on sponsor financing, also amounts to an
opportunity to increase ARPDAU in New QuizDuel", says Daniel Hasselberg, CEO of MAG Interactive.
"Primetime has built an organic user base of around 100,000
daily active players. They have also proven that their business
model works and the company is now profitable. During the first
half of the year, they increased their sales significantly compared
to the same period last year, and we believe that this is just the
beginning of their growth journey", Daniel
Hasselberg continues.
Sventertainment will continue to act as an independent company
and retain its current management. Primetime will remain a
stand-alone product in the Nordic markets, and the cooperation
between the companies will focus mainly on the integration of live
broadcasts in New QuizDuel. MAG expects to increase revenue
primarily by combining Primetime's live-streamed trivia content
with the large user base from the QuizDuel franchise.
"We love trivia and knowledge-based games, so it feels
completely natural for us and also a fantastic match from a company
point of view with the new owner MAG", says Daniel Weilar, Chairman of the board of
Sventertainment.
"Together we can create something unique for players. MAG
possesses expertise that will benefit us, and together we can make
New QuizDuel into the world's biggest trivia game", says
Martin Palm, CEO of
Sventertainment.
Primetime first launched in Sweden in 2018 and has since expanded to
Norway, Denmark and Finland. Sventertainment had turnover of just
over SEK 9 million during the first
half of 2020 - an increase of 57% compared with the same period
last year - in which it earned pre-tax profits totalling
SEK 1.3 million. The acquisition is
expected to have a positive effect for MAG on EBIT.
This is information that MAG Interactive AB
(publ) is obliged to make public pursuant to the EU Market
Abuse Regulation. The information was submitted for publication,
through the agency of the contact persons set out below, at 08:00
on August 28, 2020.
For additional information, please contact:
Daniel Hasselberg / CEO / +46
(0)8 644 35 40 / daniel@maginteractive.se
Magnus Wiklander / CFO / +46
(0)8 644 35 40 / magnus.wiklander@maginteractive.se
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The following files are available for download:
https://news.cision.com/mag-interactive/i/daniel-hasselberg-ceo-headshot,c2817716
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Daniel Hasselberg CEO
headshot
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https://news.cision.com/mag-interactive/i/primetime-logo,c2818209
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Primetime
logo
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https://news.cision.com/mag-interactive/i/mag-high-res,c2818210
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MAG High
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https://news.cision.com/mag-interactive/i/daniel-weilar-chairman-of-the-board-sventertainment,c2818276
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Daniel Weilar
Chairman of the Board Sventertainment
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https://news.cision.com/mag-interactive/i/martin-palm-ceo-sventertainment,c2818277
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Martin Palm CEO
Sventertainment
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