Bulgaria

[BG] MTG Acquires Nova Television

IRIS 2009-1:1/35

Rayna Nikolova

New Bulgarian University

On 31 July 2008 the MTG Broadcasting AB (as buyer) and the Antenna Bulgaria (as seller) signed a preliminary sale purchase agreement for the acquisition of 100 % of the shares in Nova Television - First Private Channel. According to the preliminary sale purchase agreement the closing of the transaction can take place after all necessary licences, approvals and notifications have been duly performed.

The Zakon za Radioto i Televiziata (Radio and Television Act, see IRIS 2002-2: 3) provides that the Council for Electronic Media shall approve any transfer of television licences. However, there is no special regulatory regime where there is a change in the ownership of a company owning a television licence.

On 29 October 2008 the Council for Electronic Media was notified of the acquisition of 100 % of the shares in Nova Television - First Private Channel by MTG Broadcasting. The transfer of the shares in the capital of Nova Television - First Private Channel was entered in the Commecrial Registry on 17 October 2008.