Swedish digital entertainment company Modern Times Group (MTG), part of investment company Kinnevik, will divest its 95 percent stake in Bulgarian television network Nova Broadcasting Group to media company Advance Media Group.
With the net funds, MTG will develop its digital entertainment verticals via organic investment in mergers and acquisitions.
Advance Media Group, unit of Bulgarian real estate company Advance Properties OOD, said the move is in line with its strategic decision to find new owners to invest in its international entertainment operations.
The 185 million euros ($210 million) transaction will be completed during the second quarter, subject to regulatory approval.