MTG had bought a 75% stake in Trace in 2014 in a deal that valued the media network operator at $54.4m.

Entertainment company Modern Times Group MTG (MTG) secured an exit from France-based media group Trace on Friday as TPG Growth, part of private equity group TPG, acquired a majority stake.

Evolution Media, a joint venture for TPG Growth, media company Participant Media and Evolution Media Capital, a merchant bank affiliated with talent agency Creative Artists Agency, backed the acquisition deal, as did private equity firm Satya Capital.

Trace’s co-founders and management will own the business’s remaining equity following the deal,…