Emmis Buys Third Bulgarian Radio Group
December 17, 2007 at 9:13 AM (PT)
EMMIS COMMUNICATIONS has bolstered its global portfolio by purchasing INFORADIO, a national radio chain broadcasting in 13 Bulgarian cities. No purchase price was disclosed.
BALKAN BROADCASTING EAD, an EMMIS subsidiary, acquired INFOPRESS & COMPANY OOD, a Bulgarian limited liability company, from shareholders FOLEX EOOD and CONSULT LEGE ARTIS EOOD. The transaction is complete, and regulatory approval has been granted.
INFORADIO is EMMIS' third national radio brand in BULGARIA, joining its other properties RADIO FM+ and RADIO FRESH. "This acquisition demonstrates our belief in the growth of the Bulgarian economy, especially since its accession to the European Union this year," said EMMIS INTERNATIONAL Pres. PAUL FIDDICK. "We are pleased to enlarge our footprint there with three national radio brands, and we welcome INFORADIO's employees, clients, and listeners to the EMMIS family."