Bulgaria’s competition authority said on Friday that it has allowed the planned acquisition of four local radio and TV operators by Nova Broadcasting Group, which is owned by locally-registered Advance Media Group.
The transaction will not lead to the establishment or strengthening of a dominant market position on the local TV distribution, as well as the TV, radio and online advertising segments, the Commission for Protection of Competition said in a statement.
Under the terms of the deal, Nova Broadcasting Group will 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.
Nova Broadcasting Group comprises seven TV channels, as well as complementary online businesses that reach on average 74% of the Bulgarian population on a monthly basis.
Last year, Swedish entertainment company Modern Times Group (MTG) completed the sale of its 95% stake in Nova Broadcasting Group to Advance Media Group in an all-cash deal which values 100% of Nova at 185 million euro ($219 million).
Advance Media Group is a wholly-owned subsidiary of Advance Properties, which in turn is jointly owned by Bulgarian investors Kiril Domuschiev and Georgi Domuschiev.