Send to Kindle
bTV sale is the third large deal on the Bulgarian TV market for the last two years after the US Central European Media Enterprises bought the cable TV2 and Ring for EUR 110 M, and the Swedish MTG Group acquired Nova TV for EUR 620 M. File photo
Central European Media Enterprises (CME) has announced plans to invest between USD 300-400 M in further TV station acquisitions in the Central and Eastern European region.
"If there’s an opportunity to acquire a profitable asset, we’d consider that. There are operations for sale, it’s just a matter of price.” the company's CEO Adrian Sarbu said.
Alternately, CME may use the money to buy back its debt.
Sarbu added that CME also expects its Bulgarian operations, which have been significantly increased with the recent acquisition of bTV and associated interests, to become profitable in EBITDA terms in Q4 this year.
CME in addition expects to eventually account for over 40% of the audience share and between 50-60% of the TV ad market in Bulgaria.
News Corporation completed the sale of the largest Bulgarian private TV station, bTV, to Central European Media Enterprises earlier in the week.
Rupert Murdoch’s News Corporation sold bTV for a total of USD 400 M plus a payment of USD 13 M for a working capital adjustment to Central European Media Enterprises owned by another tycoon, Ronald Lauder.
Regulatory clearance from the Bulgarian Competition Protection Agency was received on April 8, 2010.
Under the terms of the agreement, CME will acquire 100% of the terrestrial free-to-air TV channel, bTV. It will also take control of the two genre channels, bTV Comedy and bTV Cinema, along with News Corporation’s 74% interest in Radio Company C.J which operates five radio stations.
The approval of Bulgaria's watchdog came just as CME wrapped up the sale of Ukrainian channels Studio 1+1 and Kino to local businessman Igor Kolomoisky for USD 300 M and said it would use the proceeds to close its Bulgarian buy.
News Corporation was advised by JP Morgan, while CME was advised by Deutsche Bank AG, London Branch.
The sale is the third large deal on the Bulgarian TV market for the last two years after the US Central European Media Enterprises bought the cable TV2 and Ring for EUR 110 M, and the Swedish MTG Group acquired Nova TV for EUR 620 M.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
Finance Minister Asen Vassilev affirmed Bulgaria's stance on any potential sale of Lukoil, emphasizing that if such a sale were to occur, it must involve a transparent and strategic investor.
Lukoil has announced a strategic review of its Bulgarian ventures due to significant alterations in conditions
Bulgaria's popular bTV channel announces that Florian Skala has resigned from his position as CEO of bTV and effectively immediately Martin Svehlak has been appointed as new CEO.
Advance Media Group, a subsidiary of the investment group Advance Properties, jointly owned by Kiril Domuschiev and Georgi Domuschiev, is in talks with United Group, the leading provider of telecommunications services and media in Southeast Europe, on the
Every government needs a corrective, particularly when it has decided on its own to declare a state of emergency, when the functioning of parliament and the judiciary is practically blocked, Rumen Radev said“When the army of unemployed multiplies day in a
As of 2 February 2020, the sale of monthly electronic vignettes for heavy goods vehicles with a total technically permissible maximum mass of over 3.
As the May holidays mark the onset of sea tourism, Bulgarians and foreigners preparing for their annual getaways are facing a stark reality: trips this year will come with a heftier price tag
Sofia, the vibrant capital of Bulgaria, is experiencing a surge in its economic landscape, surpassing the average European standard of living, according to senior researcher Peter Ganev from the Institute for Market Economics
Mounting uncertainty looms over Bulgaria's anticipated entry into the Eurozone, with officials cautioning that the prospect may be delayed amidst persisting inflation challenges
In an unexpected turn, Bulgaria and Turkey have been notably absent from the list of the ten cheapest European summer destinations for British tourists
According to the latest data released by the National Statistical Institute, Bulgarian household incomes experienced a remarkable surge in 2023, reaching an average of BGN 10,846 per household member.
The National Statistical Institute's latest report unveils a marginal annual increase in the income of Bulgarians in 2023 compared to their expenses, marking a reversal of the trend observed in 2022
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022
