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MTG sells Nova to Advance Media Group

Deal is worth €185 million

MTG has announced it has sold its 95 per cent holding in Bulgarian broadcaster Nova to Advance Media Group.

The transaction values 100 per cent of the business at an enterprise value of €185 million. The transaction is subject to local regulatory approval, and MTG said the proceeds will be used to develop its global digital entertainment verticals through organic investment and M&A.

Nova is Bulgaria’s largest commercial media group and comprises seven TV channels, as well as complementary online businesses that reach on average 74 per cent of the Bulgarian population every month.

Jørgen Madsen Lindemann, MTG President & CEO, said: “This deal with Advance Media Group will ensure the continued development of Nova, which CEO Didier Stoessel and his team have grown into Bulgaria’s leading commercial media group. I would like to thank everyone who has made this sustained success possible.

“This transaction is in line with our strategic decision to find new owners to invest in our international entertainment operations, while we focus on our global digital verticals. Following the forthcoming distribution of NENT Group, MTG will be a standalone strategic operational and investment holding company focused on esports and online gaming.”