South-east European pay TV outfit United Group has reached an agreement to acquire Bulgaria’s Nova Broadcasting Group from Advance Media Group.
Nova comprises of 10 TV channels including national Nova TV, the country’s largest online platform Net Info that reach on average 80% of the Bulgarian population every month as well as four radio stations.
The investment marks the fourth large-scale transaction since BC Partners acquired United Group in March 2019.
Operating in both the telecommunications and media sectors, United Group’s platforms count approximately 10 million users and 11 thousand employees.
“We’re very pleased with this agreement. We are buying a successful company from two prominent entrepreneurs with great prospects for further growth within United Group. The acquisition is in line with the overall strategy of United Group to own both telecom and media assets in the markets we serve,” said United Group CEO Victoriya Boklag.
“Nova Broadcasting Group complements our existing media assets and I’m confident we’ll find many synergies between them, which gives us scale on each market to further invest in local content and quickly reach audiences.”
Advance Media Group CEO Georgi Domuschiev said: “This transaction is a great success and a great opportunity for Nova, its viewers and clients. I would like to thank everyone who has helped us grow Bulgaria’s leading commercial media group. The deal with United Group will ensure the continued development of Nova.”