MTG snaps up Bulgarian Nova TV

Sweden’s Modern Times Group (MTG) has acquired the Bulgarian national commercial station Nova TV from Greece’s Antenna Group for €620 million in cash. MTG is already present in Bulgaria through a 50% stake in Balkan Media Group Limited, which controls the Diema group of channels. Nova TV, which made its debut in 1994, is the second most watched channel in Bulgaria after bTV.

Its acquisition by MTG still has to be approved by the regulatory authorities and is expected to be completed in around three months.
Earlier this week CME acquired the national terrestrial channel TV2 and sports cable channel Ring TV in Bulgaria. News Corp is already present in the country through its ownership of bTV.