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Apace Media

  • BY: Andrew Hore |
  • POSTED: 03/03/2009 |

Apace Media’s east European joint venture is merging with Bulgarian TV channel owner Nova Televizia.

Apace and Modern Times Group each own 50% of Balkan Media Group, which is merging with Nova Televizia. Apace will end up with 5% of the enlarged group.

BMG owns five TV channels in Bulgaria and Macedonia. Apace’s share of BMG’s earnings in the June 2008 was £385,000. The stake is valued at £5.04m.

Nova Televizia owns Nova, the second most watched TV channel in Bulgaria, and 80% of Bulgarian women’s magazine EVA.

Pro forma revenues for the enlarged group would have been €60m in 2008, while operating profit would have been €13.7m. 

The deal requires regulatory consent.

Surplus cash in the BMG joint venture will be distributed to the partners. That cash could be between €1m and €1.7m. At 1.75p a share, Apace is currently valued at £1.68m. At the end of June 2008, net debt was £908,000.

Apace Media is currently raising £1m gross via a share placing at 2p a share. 

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