MTG: BULGARIAN BROADCASTING ASSETS TO BE MERGED INTO SINGLE ENTITY
Modern Times Group MTG AB (publ.) (‘MTG’ or ‘the Group’), the international entertainment broadcasting group, today announced that it is reorganising the ownership of its broadcasting assets in Bulgaria by merging all of its holdings into Nova Televizia. MTG has signed an agreement with Apace Media plc whereby the assets within the jointly owned Balkan Media Group Limited (‘BMGL’) will be transferred into MTG subsidiary Nova Televizia. MTG has owned 50% of BMGL since March 2007 and completed the acquisition of 100% of Nova Televizia in October 2008. Following the non-cash transaction, MTG will own 95% of the enlarged Nova Televizia group and will continue to fully consolidate the results of the combined operations, whilst Apace will hold a 5% minority interest in the Nova Televizia group.
The assets being transferred from BMGL include the Diema, Diema Family, Diema 2 and MM channels in Bulgaria, as well as Albanian language channel ERA TV in Macedonia. Nova Televizia operates the Nova TV channel, which is Bulgaria’s second most watched television channel.
The transaction is subject to local market regulatory approvals.
Hans-Holger Albrecht, President and CEO of MTG, commented: “This change will substantially simplify the ownership structure of our operations in Bulgaria, and is in line with our overall media house strategy. It will enable us to accelerate the development of the combined operations by speeding up decision making and the implementation of key initiatives.”
For further information, please visit www.mtg.se, email firstname.lastname@example.org, or contact:
Hans-Holger Albrecht, President & CEO
Tel: +46 (0) 8 562 000 50
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