In 2005, Proventus became a major shareholder for leading commercial broadcasters TV4 in Sweden and MTV in Finland. To manage these investments, a holding company, Nordic Broadcasting, was established. In March 2007, Proventus ceased to be a shareholder through the sale of its 50% holding to Swedish media group Bonnier. During 2007-2009, Proventus continued its active role as a financial partner by extending a subordinated loan to Nordic Broadcasting.

In December 2004, Proventus acquired a 15% ownership stake in Alma Media, a large Finnish media company that, apart from broadcasting, was also involved in newspaper publishing, business information and media services. During 2005, Proventus and Bonnier & Bonnier AB initiated a split of Alma Media. After the transaction, Proventus held 50% ownership of MTV via Nordic Broadcasting. In 2006, TV4 was fully incorporated into Nordic Broadcasting through the privatisation initiated by Bonnier and Proventus.