Telenet says Caviar’s international expansion ambitions no longer align with its own priority to concentrate on Flanders-focused media projects and digital innovation
In a further sign of Liberty Global’s desire to simplify its business and spin off or restructure non-core units in some markets, the group’s Belgian operator subsidiary, Telenet has sold its entire stake in the Caviar group in what was, in effect, a management buyout. Telenet says Caviar’s international expansion ambitions no longer align with its own priority to concentrate on Flanders-focused media projects and digital innovation.
The operator frames the move as a sharpening of strategy rather than a distress sale, positioning the divestment as a realignment of resources toward core offerings for its local audience. The deal is a management buy-out with founders plus the Together Fund and tech investor Jürgen Ingels taking control.
Telecom and broadband services remain Telenet’s core offer, especially under Liberty Global’s ownership, which has been trimming media assets globally. However, while Liberty is restructuring parts of its wider European footprint, like spinning off or selling some assets, there is no current public indication from the group that it plans to sell Telenet itself as part of that broader process. Instead this is more evidence of telcos exiting content businesses. The Belgian operator is seen as core to Liberty’s plans.
Telenet has already been active in building a Flemish media ecosystem – witness Play Media, Streamz – and exiting Caviar does simplify its portfolio to support that ecosystem more coherently. That said, the operator will be focusing on its fibre rollout and digital services. For the Belgian media sector, Telenet’s move could encourage new investment dynamics where independent producers raise capital externally rather than relying on a telecom partner.
The operator said that although Caviar also owns assets that produce local content, the necessary international expansion of Caviar no longer aligns with Telenet’s chosen direction. After the transaction, Caviar is now owned by founders Bert Hamelinck, Mathias Coppens, and Michael Sagol, investment fund Axio Together Fund, and entrepreneur Jurgen Ingels.
“The partnership with Caviar has always been more than just a business investment for Telenet: together we have realised inspiring projects, and our shared passion for strong storytelling remains,” said Telenet Group CEO John Porter. “With this step, we sharpen our focus on Flemish stories and digital innovation, while Caviar can dedicate itself to further international growth. Of course, we are happy to continue collaborating on projects that make a difference locally, and we wish Caviar and its new partners every success.”
“This new shareholder structure, with strong involvement from our own management, enables us to realise our ambitions even further,” said Caviar CEO Bert Hamelinck. “We will continue to invest in high-quality content, support talent development, and strengthen our international partnerships. Our goal remains to tell stories that have an impact both locally and globally.”
