It is making an application to register with the Court in Sofia (Bulgaria) the acquisition of 66 per cent of the nominal and issued equity capital of MM, an investment of some £450,000.
MM Televizia includes record label 'MM Records', a television production company and two television channels, 'MM TV' and 'M2'.
It is distributed on cable and satellite television platforms in Bulgaria. Cable and satellite television has a penetration rate of 53 per cent in the country.
Apace says ownership of the country's leading pop music channel will allow it to benefit from "the expected growth of the sector and in particular from the expected growth of the advertising market in Bulgaria" (with 20 per cent growth forecast for 2005 ).
CEO of Apace Media, Didier Stoessel, said: “I believe that together with our well thought-out strategy of intellectual property and branded content in the UK, this acquisition and the other opportunities which we are currently exploring will give us market positions in the region that only multi-billion dollar media companies have in more mature markets."
Apace has also announced the appointments of Christopher Rowlands and Charles Thompson to its board of directors. Both are former main board members of The Television Corporation PLC.
Rowlands joins as non-executive deputy chairman, with Thompson appointed as an executive director. Both appointments are effective from November 1, 2005.
