Modern Times Group sold its 50% stake in Czech free-to-air broadcaster Prima to Czech company Denemo Media for an enterprise value of €237.4 million, Digital TV Europe reported.

Modern Times Group reportedly plans on using the net proceeds to increase its stake in German online games developer InnoGames to 51% from 21%. The company acquired a stake in InnoGames in December 2016, according to the Jan. 25 report.

Denemo Media is a joint venture of Denemo Invest and GES Media Asset.