STOCKHOLM — Scandinavian media group MTG (Modern Times Group) has completed its acquisition of Bulgaria’s Nova Televizia, which owns commercial web Nova, for Euros 620 million ($837 million) in cash.
Nova is the second most watched TV channel in Bulgaria, with a 20.1% share of viewing among 18-49 year-olds in September.
MTG already has a presence in Bulgaria through a 50 % controlling interest in the Balkan Media Group, which operates four channels in the country.
Hans-Holger Albrecht, president and CEO of MTG, commented: “Bulgaria is one of Europe’s fastest growing advertising markets, and we have now established a clear scale position as the number two broadcaster in the market by uniting our existing Diema channels with Nova. This will enable us to realize significant operational synergies and focus on taking increased viewing and market shares.”
MTG will now assume full operational control of Nova, and will consolidate the results within its Viasat Broadcasting business.