Swedish media company Modern Times Group has confirmed that it has sold its 95-per-cent share in Bulgaria’s Nova Broadcasting Group to Advance Media Group.
The transaction values 100 per cent of the business at an enterprise value of €185m ($210m). The transaction is subject to local regulatory approval and MTG said the proceeds will be used to develop its global digital entertainment verticals.
Nova operates seven television channels in Bulgaria, along with complementary online businesses.
MTG first entered Bulgaria in 2007 by investing in Balkan Media Group Limited and then acquired Nova in 2008 before merging the two businesses in 2009.
MTG said the sale of Nova will result in a net capital gain of approximately SEK1,300m (€123m/$139m).
Advance Media Group is a subsidiary of Advance Properties, which owns 117 companies across 23 countries.