United Group (UG), the leading provider of telecommunications services and media in Southeast Europe, announced said on Thursday it had reached an agreement to acquire Bulgaria's largest multi-platform media company Nova Broadcasting Group from Advance Media Group.
The transaction is expected to close early next year and is subject to customary regulatory approvals.
Nova comprises of 10 TV channels, including national NOVA TV, the country’s largest online platform Net Info, that reaches an average of 80 percent of the Bulgarian population every month. It also operates four radio stations, the UG statement said.
Victoriya Boklag, the United Group CEO, said: „We’re very pleased with this agreement. We are buying a successful company from two prominent entrepreneurs with great prospects for further growth within the United Group. The acquisition is in line with the overall strategy of United Group to own both telecom and media assets in the markets we serve.“
She added that „Nova Broadcasting Group complements our existing media assets and I’m confident we’ll find many synergies between them, which gives us scale on each market to further invest in local content and quickly reach audiences.“
Advance Media Group CEO Georgi Domuschiev said that „this transaction is a great success and a great opportunity for Nova, its viewers and clients. I would like to thank everyone who has helped us grow Bulgaria’s leading commercial media group. The deal with United Group will ensure the continued development of Nova.“
The investment marks the fourth large-scale transaction since BC Partners acquired United Group in March 2019.
The United Group platform, operating in both the telecommunications and media sectors, combines the leading operators and best content producers in Southeast Eu rope. The company has approximately 10 million users and 11 thousand employees.
N1 operates within the United Media which is a part of the United Group.
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