MTG signed an agreement to sell its 95% shareholding in Nova Broadcasting Group (Nova) in Bulgaria to Advance Media Group. The transaction values 100% of the business at an enterprise value of EUR 185 million (approximately SEK 1,917 million).
The transaction is subject to local regulatory approval and this has now been received and the transaction is expected to close in April 2019. The proceeds will be used to develop MTG’s global digital entertainment verticals through organic investment and M&A.
Nova is Bulgaria’s largest commercial media group and comprises 7 TV channels, as well as complementary online businesses that reach on average 74% of the Bulgarian population every month. Nova generated SEK 1,154 millions of sales and SEK 223 million of operating income (EBIT) for the full year 2018, and employs 650 people. MTG first entered Bulgaria in 2007 by investing in Balkan Media Group Limited, and then acquired Nova in 2008 before merging the two businesses in 2009.