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MTG reports SEK3bn Bulgarian loss

Modern Times Group (MTG) is to reorganise approximately SEK3.4bn (€325m) of one-off costs in its fourth quarter and full year results.

The costs relate to the impairment of MTG’s Bulgarian broadcasting assets, which it said reflects the “deterioration in the economic and financial climate and the challenging advertising market conditions”.

The one-off costs will be included in MTG’s results for the fourth quarter and twelve months ended December 31. Approximately SEK3.2bn relate to the impairment of the goodwill arising from MTG’s acquisition of Nova Televizia in Bulgaria for €620m in 2008. MTG will also recognise approximately SEK209m of one-off costs relating to a reduction in the goodwill balances of its Slovenian free-TV broadcasting operations.