January 22 (SeeNews) - Dutch-based telecommunications and media company United Group said on Friday that it has completed the acquisition of Bulgarian multi-platform media company Nova Broadcasting Group from Sofia-based Advance Media Group.
"The strong fit between Nova and our other media operations gives us the opportunity to capture synergies and create scale that will enable us to further invest in local content that will delight our customers," United Group's CEO Victoriya Boklag said in a statement.
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The acquisition of Nova Broadcasting Group is in line with United Group’s strategy to own both telecommunications and media assets in markets it serves, the company said. In Bulgaria, United Group also owns Bulgarian Telecommunications Company (BTC), operating under the Vivacom brand, which it acquired in 2020.
The financial terms of the transaction were not disclosed.
Nova Broadcasting Group comprises ten TV channels, four radio stations, and online platform NetInfo.
Advance Media Group bought 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 ($223 million). The remaining 5% stake was acquired from Luxembourg-registered Eastern European Media Holdings.
Advance Media Group is a wholly-owned subsidiary of Sofia-based Advance Properties, which in turn is jointly owned by Bulgarian investors Kiril Domuschiev and Georgi Domuschiev.
($ = 0.8290 euro)