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 MTGÂs Bulgarian broadcasting assets, which it said reflects the Âdeterioration in the economic and financial climate and the challenging advertising market conditionsÂ.
The one-off costs will be included in MTGÂs results for the fourth quarter and twelve months ended December 31. Approximately SEK3.2bn relate to the impairment of the goodwill arising from MTGÂs acquisition of Nova Televizia in Bulgaria for Â620m 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.
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