CMS Sofia has advised Ireland's Communicorp Media radio group to sell its radio stations in Bulgaria to the local management team, who have created a new holding company named Fresh Media Bulgaria. The deal value was not disclosed.
Adrian Serle, Group CEO of Communicorp Media, said that, “despite the Bulgarian market and the performance of the business being very healthy over recent years, Communicorp decided to sell the business to focus on its core radio and digital opportunities across the UK and Ireland.”
“We are grateful to Communicorp for investing and supporting the radio business in Bulgaria for the past 13 years,” says Nikolai Yanchovichin, CEO of newly-formed Fresh Media Bulgaria.
The Communicorp portfolio in Bulgaria includes seven radio stations, including BG Radio, Radio 1, Radio 1 Rock, Radio Nova, Radio Energy, Radio Veronica, and Radio City.
The CMS team was led by Senior Associate Veliko Savov, assisted by Associate Desislava Vasileva.