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August 7, 2000

Antenna Acquires Three Leading Media Companies In Bulgaria

COMPANY PRESS RELEASE: Antenna TV SA today announced that it had acquired, through its Bulgarian subsidiary, stakes in three Bulgarian media companies for total consideration (including related expenses) of $3.7 million. The acquisition includes a 100% stake in Nova Television, a 100% stake in Multimex and a 94% stake in Radio Express.

By CBR Staff Writer

Nova Television, established in 1995, was the first, and is the leading, private television network in Bulgaria. Nova is a free-to-air television network that produces and broadcasts television programming. Nova broadcasts programming 24 hours a day, principally to the Sofia region (Bulgaria’s capital). Nova also has a license for transmitting programming via cable and satellite nationwide. Nova’s cable coverage includes the four largest cities in Bulgaria as well as other urban areas.

Nova employs approximately 285 persons. Its top advertisers include Unilever, Coca-Cola, Procter & Gamble, Nestle and Kraft-Jacob Suchard.

Nova’s audience share is second only to the government channel. Its average daily reach during 1999 was approximately 11.4% nationwide and 38.7% in the Sofia region, and during the first half of 2000 was 15.0% nationwide and 35.9% in the Sofia region. Bulgaria’s current television advertising market share is estimated at 55-60%.

Multimex has a license for the transmission of television signals to the Sofia region. Its sole activity is to transmit Nova Television’s programming exclusively.

Radio Express is a radio station that broadcasts to 12 major cities in Bulgaria, including Sofia. It has a news, music and information format, targeting 18-44 year olds. It has an estimated 3.8% nationwide rating and a 7.6% rating in the Sofia region.

Theodore Kyriakou, Antenna’s Managing Director, stated:

Antenna’s investment in Bulgaria is a significant first step in our international expansion into the neighboring Balkan countries. We are excited by the prospect of investing in the Bulgarian broadcast market, with its potential for robust growth in advertising and the presence of recognized international advertisers as well as major Greek advertisers. We expect to reposition Nova to become a leading producer and broadcaster of top quality programming. Antenna will also transfer broadcasting know-how to Nova and Radio Express.

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