MTG is selling its shareholding in Bulgaria’s Nova Broadcasting Group to Advance Media Group in a deal that values the business at €185 million ($210 million).
Nova is Bulgaria’s largest commercial media group, comprising seven TV channels, as well as complementary online businesses that reach on average 74 percent of the Bulgarian population every month. MTG first entered Bulgaria in 2007 by investing in Balkan Media Group and then acquired Nova in 2008 before merging the two businesses the following year.
Jørgen Madsen Lindemann, MTG’s president and CEO, said: “This deal with Advance Media Group will ensure the continued development of Nova, which CEO Didier Stoessel and his team have grown into Bulgaria’s leading commercial media group. I would like to thank everyone who has made this sustained success possible. This transaction is in line with our strategic decision to find new owners to invest in our international entertainment operations, while we focus on our global digital verticals. Following the forthcoming distribution of NENT Group, MTG will be a standalone strategic operational and investment holding company focused on esports and online gaming.”