Modern Times Group (MTG) has completed the sale of its 95% stake in the Bulgarian broadcaster Nova to Advance Media Group.
The sale of the Bulgaria’s Nova by Modern Times Group (MTG) to Advance Media Group has received regulatory approval.
Modern Times Group (MTG) has confirmed earlier reports, quoted in Broadband TV News, by announcing that it has sold its 95% share in Bulgaria’s Nova Broadcasting Group.
MTG said it was looking to third party distribution sales that were helping to compensate for what Jørgen Madsen Lindemann, President & Chief Executive Officer described as a “structural decline” in satellite and DTV.
Lars Torstensson to take up position as MTG EVP, Head of Communications & Investor Relations from 19 June 2019.
Modern Times Group (MTG) has terminated an agreement to sell its stake in Bulgaria’s Nova Broadcasting Group to the Czech-owned PPF Group.
Following the completion of Kinnevik AB’s distribution of its entire shareholding in MTG to its shareholders in August,
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.
MTG has recorded increased profits of 12%, despite costs relating to its failed merger with TDC, and ongoing separation.
Nordic Entertainment Group (NENT Group) will operate as a separate organisation from July 1, prior to its proposed listing on Nasdaq Stockholm later in the year.