MTG has signed an agreement to sell its 95 percent shareholding in Nova Broadcasting Group in Bulgaria to PPF Group, the investment company controlled by Petr Kellner.
The transaction puts Nova at an enterprise value of 185 million euros ($228 million). MTG plans to use the proceeds to invest in its Nordic entertainment, Studios and global digital entertainment businesses.
Nova is Bulgaria’s largest commercial media group. It comprises 7 TV channels and 19 online businesses.
Jørgen Madsen Lindemann, MTG’s president and CEO, said: “We have built Nova into Bulgaria’s number one commercial media group with 33 percent commercial share of viewing, and ownership of some of the country’s top digital brands. Under the excellent leadership of Didier Stoessel and his management team, Nova has evolved very rapidly into the market-leading digital entertainment group, and I would like to thank all those that have made this possible.
“MTG’s investments are focused on our Nordic Entertainment, Studios and global digital entertainment verticals, which is why we have found a new home for our Bulgarian employees with a partner that will invest in Nova’s future. We wish Didier and the whole Nova team every continued success. This will bring to a close the disposal of our international entertainment operations and leaves MTG as a more focused group, which is in line with our previously stated strategy.”