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Emmis Plans Bulgarian Purchase

Emmis Plans Bulgarian Purchase

Emmis will expand its Euro radio holdings, this time with a buy in Bulgaria. The broadcaster has agreed to acquire a 66.5% share in a radio network in Bulgaria for $3 million. The company says it will buy its majority share of Radio FM Plus AD from local shareholders and indirectly from British broadcaster GCap Media plc.
Emmis owns and operates national stations or networks in Belgium, Hungary and Slovakia.
The deal is subject to regulatory approval; participants expect it to close next month.
Radio FM Plus programs an AC format and also holds a 40% share in a national network programming a CHR format.
Bulgaria expects to join the European Union in 2007.