June 25 (SeeNews) - Ireland-based radio group Communicorp said it has completed the deal to sell its radio stations in Bulgaria to the local management team, who have created a new holding company, Fresh Media Bulgaria.
"Despite the Bulgarian market, and the performance of the business, being very healthy over recent years, Communicorp decided to sell the business to focus on its core radio and digital opportunities across the UK and Ireland," Adrian Serle, CEO of Communicorp said in a statement on Friday.
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Communicorp says on its website its portfolio in Bulgaria includes seven radio stations - BG Radio, Radio 1, Radio 1 Rock, Radio Nova, Radio Energy, Radio Veronica and Radio City.
“Communicorp Media is delighted to have sold its Bulgarian Radio Group to the local management team," Serle added.
Nikolai Yanchovichin, CEO of Fresh Media Bulgaria, said: "We are grateful to Communicorp for investing and supporting the radio business in Bulgaria for the past 13 years."
The parties to the deal did not disclose its value but according to the Sofia-based media outlet capital.bg the price amounts to 5.4 million euro ($6.3 million).
Founded in 1989, Communicorp is a media group with a reach of more than 1.6 million people.