Advance Media Group €185 million acquisition of Nova Broadcasting

Overview:

• Advance Media Group has acquired Bulgaria's largest commercial media group Nova Broadcasting for €185 million.
• Swedish entertainment company Modern Times Group (MTG) sold 95% of its shares while Luxembourg-registered Eastern European Media sold the remaining 5%.
• The acquirer borrowed €100 million to finance the acquisition.
• In January, MTG cancelled the sale of Nova Broadcasting to PPF group following the Bulgarian Commission for the Protection of Competition's decision to block the deal.

Rajeeb Gurung - Researcher