July 19 (SeeNews) - Sweden-based entertainment company Modern Times Group (MTG) said on Thursday its sales grew 7.1% year-on-year on an organic basis during the second quarter of 2018, driven by continued healthy growth of operations in Bulgaria.
"The Bulgarian audience share was up and the TV advertising market is estimated to have grown," MTG said in an interim financial report.
MTG's commercial share of viewing (CSOV) in Bulgaria increased to 43.0% on the second quarter of 2018 from 42.4% in the same quarter of last year, according to the report, released on the same day when Bulgaria's competition authority said it banned the sale of Sofia-based Nova Broadcasting Group, 95%-owned by MTG, to a unit of Czech Republic-based investment group PPF.
MTG said in a statement on Thursday it is surprised by the the ban on the proposed sale and will review it further before deciding on the next steps the group will take. The regulator's decision can be appealed before the Bulgarian Supreme Administrative Court within the next 14 days.
According to the interim financial report, the entertainment company's net sales rose to 315 million Swedish crowns ($35.2 million/30.3 million euro) in April-June 2018 from 308 million Swedish crowns in the same period of 2017.
MTG's net sales amounted to 630 million Swedish crowns in the first six months of 2018, up from 571 million Swedish crowns in January-June 2017.
MTG entered Bulgaria in 2007 via the acquisition of Balkan Media Group Limited, which operated the Diema TV channels. In 2008, MTG bought Nova.
In Bulgaria, Nova Broadcasting Group's main rival is BTV Media Group, owned by Bermuda-registered Central European Media Enterprises.
(1 euro = 10.3770 Swedish crowns)