Central European Media Enterprises (CME) has closed its acquisition of Bulgarian free-to-air commercial broadcaster bTV.
Under the terms of the deal, CME will pay News Corp US$413m (307m) for the network as well as its two digital spin-off channels bTV Cinema and bTV Comedy. The acquisition adds to CME’s portfolio of channels in the country, which includes Pro and Ring as well as its raft of channels in countries including Romania, Croatia, Slovakia, Slovenia and the Czech Republic.
Adrian Sarbu, president and CEO of CME, said: ÂThe acquisition of the bTV group is a milestone for CME. We have now reset our business as a vertically integrated media and entertainment operation focused on central and eastern Europe. Our region is one of the most dynamic in the world and we look forward to returning to fast growth once our markets recover. Bulgaria will be the sixth country to implement CMEÂs operating model whose success is based on audience leadership and high operating leverage across multichannel television, internet and content.Â