Emmis Acquires Bulgarian Radio Company
Addition grows international holdings in one of the world's hottest economies
Indianapolis…Emmis Communications Corporation (Nasdaq: EMMS) today announced it has acquired Inforadio, a national radio chain broadcasting in 13 Bulgarian cities.
Balkan Broadcasting EAD, an Emmis subsidiary, purchased 100 percent of the stations' parent company, 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. No purchase price was disclosed.
Inforadio is Emmis' third national radio brand in Bulgaria; the company also operates Radio FM+ and Radio Fresh there. "This acquisition demonstrates our belief in the growth of the Bulgarian economy, especially since its accession to the European Union this year," said Paul Fiddick, president of Emmis International. "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."
Emmis International also owns and operates national stations or networks in Belgium (Be One), Hungary (Sláger Rádió) and Slovakia (Rádio Expres).
Emmis Communications — Great Media, Great People, Great Service®
Emmis is an Indianapolis-based diversified media firm with radio broadcasting and magazine publishing operations. Emmis owns 21 FM and two AM domestic radio stations serving the nation's largest markets of New York, Los Angeles and Chicago, as well as St. Louis, Austin, Indianapolis and Terre Haute, Ind. Emmis also owns a radio network, international radio stations, an interactive business and ancillary businesses in broadcast sales.