STOCKHOLM — Scandinavian media giant Modern Times Group has upped its investment in the Bulgarian media scene with the purchase of Nova TV Bulgaria from Antenna Bulgaria for $980 million.
Nova TV Bulgaria, which was set up in 1994, owns Nova, the second-most watched TV channel in Bulgaria. During the first six months of this year, the channel had an 18.2% share of viewing among its target audience of 18-49 year olds.
MTG’s president and CEO Hans-Holger Albrecht commented: “The acquisition is our largest to date, and substantially strengthens our position in one of Europe’s fastest growing and most attractive broadcasting markets.”
MTG already is active in Bulgaria through its 50% stake in the Balkan Media Group.
BMG’s assets comprise 100% of Diema Vision, 66% of Television MM, 100% of Apace Internet Balkans, 100% of Apace Media Bulgaria and 66% of TV ERA.
Diema Vision and Television MM own six TV channels in Bulgaria; Apace Internet Balkans is an online social networking community in Bulgaria; Apace Media Bulgaria is a media service provider; and TV ERA is an Albanian-language terrestrial TV broadcaster in Macedonia.