USD3MN FOR FM+ RADIO
The press centre of the first private radio in this country, FM+ Radio, which celebrated its 13th anniversary, announced during the week that it has a new shareholder. The deal is worth USD3MN, against which the US company Emmy's Communications Corporation has acquired 66.5% of the company's stocks. These shares were so far in the hands of the British GCap Media Plc. (GWR) and a Bulgarian shareholder. Under the provisions of the Radio and Television Act, the change has been already approved by the Council for Electronic Media, FM+ Radio specified.
Two of the radio's founders, Peter Punchev and Konstantin Tilev, and the Marketing Director Elena Kiskinova will remain on the BoD after the replacements in the company's team. Mr. Punchev and Mr. Tilev remain shareholders as well.
Bulgaria is the fourth European country where Emmy's Communications Corporation has stepped. The company already owns radio stations in Hungary, Slovakia and Belgium.
The deal does not concern the other stations of the group - FM+ - Fresh!, radio insiders explained. In addition to the two radio chains the group includes also Mi-La Gold radio. The group was established in 2002 after the owners of FM+ Radio had acquired 40% of the Pleven-based Plus radio, which was later on renamed to Fresh!. The Mila hip-hop station joined the group later on, which was renamed to Mi-La Gold.