Borislav Boyanov & Co. advised News Corporation on the sale of bTV, its Bulgarian terrestrial TV business, to Central European Media Enterprises (CME), the leading broadcaster in Central and Eastern Europe. News Corporation and CME entered into an agreement concerning the transaction on February 18, 2010 and the transaction was completed on April 19, 2010. Under the terms of the agreement, CME paid $400 million in cash for 100 per cent of the terrestrial free-to-air TV channel, bTV. It will also took control of the two genre channels, bTV Comedy and bTV Cinema, along with News Corporation’s 74-per-cent interest in Radio Company CJ, which operates several radio stations. This sale completes News Corporation’s programme of exiting its substantial Eastern European free-to-air broadcasting businesses.
The firm advised News Corporation throughout the extended due diligence process, transaction structuring and execution, as well as on the competition/merger control aspects of the transaction. The firm’s team was lead by partner Peter Petrov.