The Bermuda-registered company Central European Media Enterprises (CME) is reportedly close to buying the full-stake in the country’s largest TV broadcaster bTV, owned by global media group News Corporation through its local subsidiary, the media company Balkan News Corporation, according to unnamed source of Reuters, who is close to the negotiations. The price of the deal is expected at EUR 500mn, according to the same source. The contract is to be finalised shortly and officially announced next week at the earliest. bTV controlled more than 38% of the local market as of end-December. In 2008, News Corporation announced intentions to sell its local assets managed by Balkan News Corporation (bTV and several smaller TV channels in Bulgaria and neighbouring Serbia and Turkey ) and hired the financial group JPMorgan Chase as an adviser. News Corporation was expecting to cash at least EUR 1bn from the planned sale. In 2008 as well, the Swedish media company Modern Times Group (MTG) took over Nova Televisia Bulgaria, owner of the country’s second largest TV channel Nova, at the price of EUR 620mn and CME acquired the nationally broadcasted TV2 channel (now Pro.bg) and sports cable channel Ring TV (Ring.bg) for USD 172mn. CME is a leading TV operator in Central and Eastern Europe with operations in Croatia , the Czech Public, Slovakia , Slovenia , Romania , and Ukraine . Balkan News Corporation improved its net profit by 6% to BGN 62.4mn (EUR 31.9mn) in 2008 on revenues increase of 5% to BGN 157.6mn.