CMS has advised Czech investment fund, PPF Group on the acquisition of Bulgarian media company, Nova Broadcasting Group (‘Nova’), 95% in the company was bought from Modern Times Group (‘MTG’) and the remaining 5% from Eastern European Media Holdings S.A..
Nova is Bulgaria’s largest commercial media group and is comprised of 7 TV channels and 19 online businesses. It employs 650 people in Bulgaria and currently controls a 33% commercial share of viewing.
Closing of the transaction is subject to regulatory approvals and expected to take place during the first half of 2018.
The transaction was led by Helen Rodwell, with the support of Atanas Bangachev, Frances Gerrard and Veliko Savov.