March 20 (SeeNews) - Bulgarian media company Nova Broadcasting Group has filed for regulatory approval to acquire a controlling stake in Sofia-based digital media Netinfo, the country's competition watchdog said.
The acquisition is expected to affect the local online advertising market, the regulator said in a statement late on Monday.
According to local newspaper Capital.bg, Nova Broadcasting Group already owns 70% of Netinfo.
Nova employs 650, comprises seven TV channels and 19 online businesses.
In February, Sweden-based entertainment company Modern Times Group (MTG) said it has signed an agreement to sell its 95% stake in Bulgaria's Nova Broadcasting Group to Czech-based investment group PPF.
Netinfo operates a number of popular Bulgarian Internet websites, including email platform Abv.bg, video platform Vbox7.com, weather website Sinoptik.bg, news sites Vesti.bg, Novanews.bg and Dariknews.bg, as well as entertainment news site Edna.bg.