MTG Sells Bulgaria's Nova Broadcasting Group to Advance Media Group
Monday, 25 February 2019
Swedish entertainment company Modern Times Group (MTG) said on Friday that it has agreed to sell its 95% shareholding in Bulgaria's Nova Broadcasting Group to local Advance Media Group in an all cash deal, which values the company at 185 million euro.
The deal is expected to be closed in the second quarter of 2019 following anti-trust approval, MTG said in a statement.
Luxembourg-registered Eastern European Media Holdings holds the remaining 5% interest in Nova Broadcasting Group.
The proceeds from the sale will be used to develop MTG’s global digital entertainment verticals through organic investment and mergers and acquisitions, the Swedish company explained.
"This transaction is in line with our strategic decision to find new owners to invest in our international entertainment operations, while we focus on our global digital verticals," Joergen Madsen Lindemann, MTG President and CEO, said.