Sweden's Modern Times Group, MTG (STO: MTGA, MTGB), announced the purchase of Bulgarian commercial channel Nova TV for 620 million Euros.
MTG is acquiring 100% of Nova TV from Antenna Bulgaria. The purchase is expected to be completed within three months, depending upon approval from regulatory agencies.
The second most popular channel in Bulgaria, Nova TV claimed 30% of advertising revenues in 2007. It reaches 99% of Bulgarian TV households.
MTG already operates the family of Diema channels in Bulgaria through its 50% controlling interest in Balkan Media Group Limited.
Hans-Holger Albrecht, President and CEO of MTG, commented: "The acquisition is our largest to date," He added, "The acquisition will create significant synergies for us as a media house, as we already operate the Diema group of TV channels in Bulgaria."