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Bulgaria: Nova Broadcasting makes buyout to become digital media leader

By  |  August 6, 2013

Bulgaria-based Nova Broadcasting Group announced the buyout of a 70 percent stake in DarikNet, a move the company says will catapult the company into the top spot in the nation’s digital media market. The company announced the purchase on Tuesday and said it expects the deal to close at the end of next month, though the buyout remains subject to approval by the nation’s Commission on Protection of Competition. Following the announcement, Nova’s parent company Modern Times Group said it may purchase the remaining 30 percent in DarikNet within the next five years. Financial details of the deal were not revealed, though Modern Times Group confirmed the buyout was a cash acquisition on a “debt free basis.”

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