Bulgaria's Advance Media Group in talks with United Group on possible sale of Nova

"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 and on obtaining all necessary approvals from the relevant regulatory authorities in Bulgaria and abroad," United Group said in a press release.

Advance Media Group acquired 100% of Bulgaria's Nova Broadcasting Group in 2019. The company acquired 95% interest from Swedish entertainment company Modern Times Group (MTG) in an all cash deal, which values 100% of Nova Broadcasting Group at 185 million euro ($224 million). The remaining 5% were acquired from Luxembourg-registered Eastern European Media Holdings.

Earlier this year, Nova Broadcasting Group agreed to acquire Elit Media Bulgaria, which operates TV channel Kanal 3; Radio Veselina, which runs music TV channel The Voice and radio station Veselina; Radio Ekspres, the operator of The Voice Radio; and Vitosha FM, which operates Vitosha Radio, Magic FM and Magic TV.

Also in 2020, Amsterdam-headquartered United Group completed the acquisition of Bulgarian Telecommunications Company (BTC), which operates under the Vivacom brand, for an undisclosed price.

Advance Media Group is a wholly-owned subsidiary of Sofia-based Advance Properties, which in turn is jointly owned by Bulgarian investors Kiril Domuschiev and Georgi Domuschiev.

($ = 0.8256 euro)