MUMBAI: News Corporation has reached an agreement to sell bTV, its Bulgarian terrestrial TV business, to Central European Media Enterprises (CME), the leading broadcaster in Central and Eastern Europe.

Under the terms of the agreement, CME will pay $400 million in cash for 100 per cent of the terrestrial free-to-air TV channel, bTV. It will also take control of the two genre channels, bTV Comedy and bTV Cinema, along with News Corporation’s 74-per cent interest in Radio Company CJ, which operates several radio stations.

This sale completes News Corporation’s programme of exiting its substantial Eastern European free-to-air broadcasting businesses.

The transaction is subject to regulatory approval by the Bulgarian Commission for the Protection of Competition and other customary closing conditions.