Bulgaria's Intrust Backs Away from Sale of Telegraf Media to Nu Image - Report

Bulgaria's Intrust Backs Away from Sale of Telegraf Media to Nu Image - Report

Bulgarian member of parliament Delyan Peevski, sole owner of Telegraf Media, said that he has decided to keep the 50% interest in the Sofia-based newspaper publishing company, which he agreed to sell to film making company Nu Image Bulgaria earlier this year, Bulgarian public TV reported. Peevski said a delay in receiving approval for the sale from the competition regulator was the reason for his decision, BNT reported late on Wednesday. The parties to the deal sought anti-trust clearance in April.According to Peevski, the reason why it has taken so long for the regulator to issue a decision was not related to the complexity of the deal but rather to the fact that his name is involved. Delyan Peevski owns Telegraf Media through his wholly-owned company Intrust.  Peevski now intends to set up a new entity, to which he will transfer the ownership of Telegraf Media. Telegraf Media is the publisher of Telegraf, Monitor, Politika and Meridian Match newspapers. Nu Image Bulgaria, formerly Nu Boyana Development, is part of US-based Nu Image Inc.

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