MTG Wraps up Sale of 95% of Bulgaria's Nova Broadcasting Group

MTG Wraps up Sale of 95% of Bulgaria's Nova Broadcasting Group

Swedish entertainment company Modern Times Group (MTG) said on Wednesday that it has completed the sale of its 95% stake in Bulgaria's Nova Broadcasting Group to local Advance Media Group, in an all-cash deal which values 100% of Nova at 185 million euro ($209 million)."We are very pleased to have completed the sale of Nova. The proceeds will be used to accelerate the growth of our gaming and esports verticals, including through acquisition," Joeren Madsen Lindemann, MTG's president and CEO, said in a statement.Last month, Advance Media Group received approval from Bulgaria's Commission for Protection of Competition to acquire 100% of Nova Broadcasting Group - MTG's 95% stake and the 5% owned by Luxembourg-registered Eastern European Media Holdings.In January, MTG decided to terminate its agreement to sell its stake in Nova Broadcasting Group to Dutch-registered investment group PPF.

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