PPF Group is withdrawing its plan to acquire a 95% stake in Bulgaria's Nova Broadcasting Group AD for about €185 million from Modern Times Group, Reuters reported Jan. 7.
The Czech investment company's move follows the Bulgarian regulator's decision to reject the proposed deal due to competition concerns in the media services market.
PPF owns telecom assets in Bulgaria as part of its acquisition of Telenor ASA's regional business, the report said.
Eastern European Media Holdings SA, which owns the remaining 5% stake in Nova, would have also sold its stake to PPF if the deal succeeded.
MTG agreed to sell its stake in Nova in February 2018.