Modern Times consolidates Bulgarian operation

Chris Forrester

Modern Times Group (MTG) says it has completed the reorganisation of the ownership of its broadcasting assets in Bulgaria by merging all of its Bulgarian holdings into Nova Televizia, following the receipt of approval from the Bulgarian Commission for the Protection of Competition.

An agreement was signed with Apace Media plc in March 2009 to transfer all of the assets within jointly owned Balkan Media Group Limited (‘BMGL’) into MTG subsidiary Nova Televizia. MTG now owns 95% of the enlarged Nova Televizia group, whilst Apace Media plc now holds a 5% minority interest in the combined entity. MTG had owned 50% of BMGL since March 2007 and completed the acquisition of 100% of Nova Televizia in October 2008.

The enlarged Nova Televizia group now comprises the Nova TV channel, which is Bulgaria’s second most watched television channel, as well as the Diema, Diema Family, Diema 2 and MM channels.