The deal, which has been costed at $400 million (€297.2 million) plus a $13 million working capital adjustment payment, has secured CME bTV, Bulgaria’s leading FTA station; the cable channels bTV Cinema and bTV Comedy; and several radio stations. It has been largely paid for by CME’s recent disposal of its Studio1+1 interests in Ukraine.
Commenting on the deal, Adrian Sarbu, president and CEO of CME said: “The acquisition of the bTV group is a milestone for CME. We have now reset our business as a vertically integrated media and entertainment operation focused on Central and Eastern Europe. Our region is one of the most dynamic in the world and we look forward to returning to fast growth once our markets recover. Bulgaria will be the sixth country to implement CME’s operating model whose success is based on audience leadership and high operating leverage across multichannel television, internet and content.”
CME has TV interests in six Central and East European countries.