Swedish Giant MTG Combines Bulgarian Broadcasting Assets

The chief executive of Modern Times Group, Hans-Holger Albrecht, has announced a merger of the company's Bulgarian broadcasting assets in March 2009. Photo by rixfm.com

Swedish media company Modern Times Group announced that it has completed the reorganisation of the ownership of its broadcasting assets in Bulgaria by merging all of its Bulgarian holdings into Nova Televizia.

The move followed the approval from the regulatory body the Bulgarian Commission for the Protection of Competition.

An agreement was signed with Apace Media plc in March 2009 to transfer all of the assets within jointly owned Balkan Media Group Limited (‘BMGL') into MTG subsidiary Nova Televizia.

MTG now owns 95% of the enlarged Nova Televizia group, whilst Apace Media plc holds a 5% minority interest in the combined entity. MTG had owned 50% of BMGL since March 2007 and completed the acquisition of 100% of Nova Televizia in October 2008.

The enlarged Nova Televizia group now comprises the Nova TV channel, which is Bulgaria's second most watched television channel, as well as the Diema, Diema Family, Diema 2 and MM channels.

 

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