United Group in talks to acquire Bulgaria's Nova Broadcasting Group (updated)

Modern Times MTG AB

11/12/2020 17:48

(Adds detail, background)
    SOFIA, Dec 11 (Reuters) - Balkan telecoms and media company
United Group, owned by private equity firm BC Partners, said on
Friday it was in talks with Advance Media Group to acquire
Bulgaria's largest multi-platform media company Nova
Broadcasting Group.
    United Group, which acquired Bulgaria's leading telecoms
operator Vivacom earlier this year, did not disclose a price for
Nova, which owns ten TV channels including national NOVA TV,
four radio stations and the country's largest online platform
Net Info.
    Local media said the deal could be worth between 250-300
million euros ($303 million-$363 million).
    In 2019, Advance Media Group, owned by two brothers,
Bulgarian businessmen Kiril Domuschiev and Georgi Domuschiev,
acquired Nova from Swedish entertainment company MTG  MTGb.ST 
for 185 million euros. In October, Nova bought three local TV
channels and four radio stations.
    "A potential deal is dependent on the successful completion
of negotiations between the parties, as well as on the
conclusion of a binding sales and purchase agreement between
them," United Group said in a statement.
    United Group said a potential sale would also depend on
regulatory approvals in Bulgaria and abroad.
($1 = 0.8257 euros)

 (Reporting by Tsvetelia Tsolova; Editing by Edmund Blair and
Kirsten Donovan)
 ((tsvetelia.tsolova@thomsonreuters.com; +359-888-311-435;))