Bulgaria’s Advance media closes broadcaster Nova Televizia acquisition

Bulgaria’s Advance Media Group said on April 10 that it has closed the acquisition of 100 per cent in Nova Broadcasting Group from Nordic Modern Times Group.

Advance Media secured regulatory approval for the deal last month, having announced its agreement to buy Nova for 185 million euro in February.

Advance Media chief executive Georgi Domuschiev said that the new owner would “maintain the current policy of Nova Broadcasting Group as a free and objective media” and would “invest in the rapid modernisation of the television, its human capital and creation of more Bulgarian productions.”

Domuschiev, who owns Advance Media’s parent company, conglomerate Advance Properties, together with his brother Kiril, will serve as chairperson of Nova Broadcasting’s board. The board will also include Tonka Genova, whose background is in finance, and Nikolai Vasilchev, who is a lawyer.

Silva Zurleva, who has been on Nova’s board of directors since 2001, will stay on as an adviser to the board, the Advance Media statement said.

Advance Media also appointed Vyara Ankova, a former two-term director general of public broadcaster Bulgarian National Television, and Nikolai Andreev, who has served as Nova’s chief financial officer since 2009, as chief executives of Nova Broadcasting Group.



The Sofia Globe staff

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