Modern Times Group (MTG) is a Swedish based broadcasting company with main activities within free-TV and satellite pay-TV in Scandinavia and the Baltics. The company has 9 free-TV channels in Scandinavia (TV3, TV3+, Viasat4, etc.) that are being broadcasted via third party cable, broadband and mobile networks alongside MTG's own satellite based pay-TV platform. MTG's business is affected by the general economic downturn, due to lower advertising etc. The company has a significant cost exposure to USD, in which the majority of programming content is acquired.