MTG completes sale of Nova to Advance Media Group
April 10, 2019
MTG has completed the sale of its 95 per cent shareholding in Nova Broadcasting Group in Bulgaria to Advance Media Group.
The all-cash transaction valued 100 per cent of Nova at an enterprise value of €185 million. MTG said it will use the proceeds to further develop its global digital entertainment verticals through organic investments and acquisitions.
Nova is Bulgaria’s largest commercial media group and comprises 7 TV channels, as well as complementary online businesses that reach on average 74 per cent of the Bulgarian population every month. Nova generated SEK 1,154 million of sales and SEK 223 million of operating income (EBIT) for the full year 2018, and employs 650 people.
Jørgen Madsen Lindemann, MTG President & CEO, commented: “We are very pleased to have completed the sale of Nova. The proceeds will be used to accelerate the growth of our gaming and esports verticals, including through acquisition.”