Bulgaria TV Channel Nova Televizia Acquired by Swedish Modern Times

Business | July 31, 2008, Thursday // 00:00| Views: | Comments: 0
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The Swedish Media Company Modern Times has announced that they have signed a contract for the purchase of the Bulgarian TV channel Nova Televizia (New Television) for EUR 620 M, according to Thursday media publications.

The new owners expect that the deal would be finalized in the next three months.

The company had purchase the Bulgarian TV channel in connection to its plans to expand their activities in Eastern Europe as they deem the region very dynamic in its media development.

Modern Times explained that the Greek Antenna Group Television owns over 32% of the advertising market in Bulgaria valued at EUR 125 M.

The Swedish company also owns the Bulgarian cable channel Diema as well as TV channels in Russia, Hungary, the Czech Republic, Slovenia, and the Baltic Republics.

Just one day earlier, on Wednesday, it became known that another company - Central European Media Enterprises had purchased 80% of the shares of two other Bulgarian TV channels - TV2 and RingTV for USD 172 M.
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