Modern Times Group (MTG) sold its 95 percent shareholding in Nova Broadcasting Group to Advance Media Group.

The all cash transaction values Nova at 185 million euro. MTG had acquired Nova in 2008, and it merged the Bulgarian commercial media group with Balkan Media Group the following year.

Jørgen Madsen Lindemann, MTG president and CEO, said, “This deal with Advance Media Group will ensure the continued development of Nova, which CEO Didier Stoessel and his team have grown into Bulgaria’s leading commercial media group. I would like to thank everyone who has made this sustained success possible. This transaction is in line with our strategic decision to find new owners to invest in our international entertainment operations, while we focus on our global digital verticals.”