Indianapolis-based Emmis Communications Corp. 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.
The transaction is complete, and regulatory approval has been granted.
Financial terms of the deal were not 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 Emmis International President Paul Fiddick.
Emmis International also owns and operates national stations or networks in Belgium (Be One), Hungary (Slager Radio), and Slovakia (Radio Expres).