Bulgarian Businessman Kiril Domuschiev Buys Nova Broadcasting Group

Business | February 20, 2019, Wednesday // 10:28| Views: | Comments: 0
Bulgaria: Bulgarian Businessman Kiril Domuschiev Buys Nova Broadcasting Group

The chairman of the Confederation of Industrial Employers in Bulgaria (CEIBG) Kiril Domuschiev has won the Nova TV auction and the property in Net Info, topnovini.bg reported. The information was confirmed for money.bg by a source requesting anonymity. As it was clear, the biggest shareholder in Vivacom Spas Rusev was also interested in one of the two biggest Bulgarian television networks. The deal came a little over a month after the current owner, the Swedish MTG, refused to sell Nova TV to Czech Petr Kellner, who acquired Telenor's assets in Bulgaria and the region.

The refusal came after the Commission for Protection of Competition (CPC) decided not to allow Kellner to acquire television with motives that caused comments.

According to the regulator, "Nova Broadcasting Group" AD has a significant market share on the market of television broadcasts and between 40% and 50% of the value-based advertising market. The significant number of tools for mass communication that the whole group has at its disposal could give unfair advantage against other participants who provide similar media services said the decision of the CPC.

Kellner has no other media in Bulgaria, Nova Group did not sell parts of their business after the CPC decision, Telenor's owner appealed against the regulator's decision but the first hearing was scheduled for March 12th Petr Kellner was ready to pay € 185 million for MTG's assets in Bulgaria. 

The amount that Kiril Domuschiev will pay is unknown but is too much in it is likely to be lower than 2008. The Swedish company paid € 620 million in 2008.\

In addition to the CEIBG President, Domuschiev owns the Ludogorets FC as well as the pharmaceutical "Huvepharma", "Biovet" and "Navigation" Bulgarian Maritime Navy ". The official announcement of the deal is expected soon and it has to be approved by the CPC.

Business » Be a reporter: Write and send your article
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria