The World: Sofia - Swedish Modern Times Group buys Bulgaria's Nova

Sweden's Modern Times Group is about to become Bulgaria's largest commercial broadcaster when it takes over Antenna Group's Nova.

The deal will be MTG's biggest acquisition to date.

Nova, a free-to-air service, was launched in 1994 and recorded an 18 per cent audience share in the first half of 2008, making it the country's second-biggest channel.

It also controls 32 per cent of the TV ad market and saw its sales increase by 54 per cent in 2007.

MTG already owns 50 per cent of Balkan Media Group, which runs several channels under the Diema brand.