CME, the largest broadcaster in Eastern Europe, is to buy 80% stakes the Bulgarian national terrestrial channel TV2 and sports cable channel Ring TV from Top Tone Media Holdings for around $172 million (€109.4 million).
It has also entered into a consulting agreement with the local media entrepreneur Krassimir Guergov.
TV2 is a relative newcomer to the Bulgarian market, having made its debut in November 2007, and currently covers 70% of the country.
The acquisitions mark CME’s entry into Bulgaria, where the leading broadcaster – News Corp’s bTV – is currently up for sale.
