Balkan telecoms and media company United Group, owned by private equity firm BC Partners, said on Friday it was in talks with Advance Media Group to acquire Bulgaria’s largest multi-platform media company Nova Broadcasting Group.

United Group, which acquired Bulgaria’s leading telecoms operator Vivacom earlier this year, did not disclose a price for Nova, which owns ten TV channels including national NOVA TV, four radio stations and the country’s largest online platform Net Info.

Local media said the deal could be worth between 250-300 million euros ($303 million-$363 million).

In 2019, Advance Media Group, owned by two brothers, Bulgarian businessmen Kiril Domuschiev and Georgi Domuschiev, acquired Nova from Swedish entertainment company MTG for 185 million euros. In October, Nova bought three local TV channels and four radio stations.

“A potential deal is dependent on the successful completion of negotiations between the parties, as well as on the conclusion of a binding sales and purchase agreement between them,” United Group said in a statement.

United Group said a potential sale would also depend on regulatory approvals in Bulgaria and abroad.

Source: Reuters

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