The Bulgarian businessman Kiril Domuschiev is understood to have acquired the national broadcaster Nova TV from Modern Times Group (MTG).
According to Novinite, the transaction was reported by topnovini.bg and confirmed to money.bg by a source requesting anonymity.
It adds that Domuschiev is the chairman of the Confederation of Industrial Employers in Bulgaria (CEIBG) and his interests include Ludogorets FC as well as the pharmaceutical Huvepharma, Biovet and Navigation Bulgarian Maritime Navy.
Although no financial details of the deal have been disclosed, Domuschiev is likely to have paid less than the €620 million MTG did when acquiring Nova, one of Bulgaria’s two leading broadcasters, in 2008.
Broadband TV News notes that MTG originally agreed to sell Nova to the Czech entrepreneur’s PPF Group but pulled out of the deal earlier this year following opposition from the Commission for Protection of Competition (CPC).
Nova was subsequently identified as a possible take-over target for Domuschiev and Spas Rusev, another Bulgarian entrepreneur.
An official announcement on the sale to Domuschiev is expected shortly and the deal will require the approval of the CPC.
UPDATE. MTG has confirmed the Nova TV sale.
