Bulgaria’s Commission for the Protection of Competition (CPC) has prohibited the sale of Nova Broadcasting Group and its subsidiaries Net Info and Agency Eva by Modern Times Group (MTG) to PPF Group.
In a statement, the CPC says it took into account the acquirer’s leading position in the field of media services, which in turn raised concerns about the effect of a transaction on the competitive environment.
It also says that the dramatic number of media available to a merged entity would give it a significant advantage over other media service providers. Ultimately, not only competition in the market but also the interests of end-users would be limited or distorted by such an entity.
Responding to CPC’s decision, MTG said it is “surprised by the decision and will review it further before deciding on the next steps to be taken”.
As previously reported by Broadband TV News>, MTG agreed in February to sell its 95% stake in Nova Broadcasting Group and its subsidiaries to PPF Group for €185 million.
The CPC launched an investigation into the proposed sale last month.
