The sale of the Bulgaria’s Nova by Modern Times Group (MTG) to Advance Media Group has received regulatory approval.
As a result, the transaction, which values Nova at €185 million, is now expected to close in April. Its proceeds will be used by MTG to develop its digital entertainment verticals through organic investment and M&As.
Commenting on the development, Jørgen Madsen Lindemann, MTG president and CEO, said: “We are very pleased that regulatory approval has been granted for this deal with Advance Media Group and we look forward to close it as soon as possible.”
Nova, which has been backed by MTG since 2008, encompasses seven TV channels, as well as complementary online businesses that on average reach 74% of the Bulgarian population each month.
As previously reported by Broadband TV News, its sale to Advance Media Group, which is a subsidiary of Advance Properties, owned by the Bulgarian businessmen Kiril Domuschiev and Georgi Domuschiev, was confirmed last month by MTG.
The deal marks MTG’s exit from Central and Eastern Europe’s TV market, where it was at one stage a key player, with interests in several countries including Russia, Ukraine and the Czech Republic.
