Modern Times Group (MTG) sold its 95 percent share in Bulgaria’s Nova Broadcasting Group to PPF Group. Nova consists of seven TV channels and 19 online businesses. The transaction values the company for 185 million Euros. The proceeds of the transaction will be used toward the company’s Nordic entertainment, studios, and global digital entertainment businesses. MTG’s president and CEO, Jørgen Madsen Lindemann, commented, “Under the excellent leadership of Didier Stoessel and his management team, Nova has evolved very rapidly into the market leading digital entertainment group, and I would like to thank all those that have made this possible.”

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