Modern Times Group (MTG) announced the termination of the company’s shareholding sale of Nova Broadcasting Group.

The company previously announced an agreement to sell its shareholding to PPF Group. The Bulgarian Commission for the Protection of Competition disallowed the proposed sale. Additionally, MTG secured a one billion credit facility (in Swedish krona) from Nordea. The new credit will provide addition funding to MTG after its split with Nordic Entertainment Group (NENT Group).

Jørgen Madsen Lindemann, MTG president and CEO, commented, “The new credit facility will provide us with additional flexibility to continue to invest organically and via M&A, in order to develop our global digital entertainment verticals after the listing of NENT Group. The divestment of Nova is also part of this strategy and we look forward to the discussions with the new potential buyers about the future of this well-established, well-placed and well-managed business.”