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Allen & Overy (A&O) and Dewey & LeBoeuf have claimed advisory roles on the sale of News Corporation’s (News Corp) Bulgarian terrestrial TV business.
A&O acted for News Corp on the $400m (£259.44m) sale of bTV to Central European Media Enterprises (CME), with partner Don McGown leading the team.
On the buy side, Dewey US-based corporate partner Jeff Potash led the team acting for CME, with competition partner Peter Crowther also involved.
The Eastern European broadcaster will take control of bTV, as well as its genre channels bTV Comedy and bTV Cinema. It has also acquired a 74 per cent stake in Bulgarian radio operator Radio Company CJ.
The transaction marks the final stage in News Corp’s programme of exiting its free-to-air Eastern European broadcasters.
A&O also won the mandate advising the media giant on the sale of its interest in Serbian TV channel FOX Televizija to Greek broadcaster Antenna.
McGown said: “This transaction, the second disposal for News Corp on which the firm has advised in the last couple of months, is part of News Corp’s strategy to exit non-core businesses in order to focus on building scale in its priority markets. It’s also one of the largest deals in Central and Eastern Europe in the last 12 months.”
The deal is subject to Bulgarian regulatory approval, with Peter Petrov of Borislav Boyanov & Co advising News Corp on local law.