The company reorganization will see Balkan Media Group, jointly owned with Apace Media, transferred into Modern Times Group's Nova Televizia subsidiary.

Under the terms of the agreement, Modern Times Group (www.mtg.se) will own 95% of the unified subsidiary, with Apace holding 5%. The channels being transferred include Bulgaria's Diema, Diema Family, Diema 2 and MM channels, and the Albanian language channel ERA TV in Macedonia. The centerpiece of the Nova Televizia group is Nova TV, which is the second leading station in Bulgaria.

Modern Times Groups trades on the OMX Nordic Exchange as MTGA and MTGB. The company operates TV channels in Scandinavia, the Baltics, Czech Republic, Hungary, Slovenia, Bulgaria, Macedonia, and Ghana,