168 Chasa EOOD (Bulgaria)

Bulgaria's 168 Hours Pressgroup, which was established in 1990, publishes two newspapers, including the country's second-largest daily 24 Chasa (24 Hours).
In early 1990s, the publisher embarked on a series of ineffective acquisitions – it purchased shares in the real estate firm Balgarski Imoti, in an insurance company, in local Mollov Bank, and several other enterprises. The Pressgroup launched an ambitious printing house project in 1995 but it produced financial difficulties for the publisher. Long-term credits were extended to the Pressgroup by the Frankfurt-based Kreditanstalt fuer Wiederaufbau (KfW), the World Bank and the European Investment Bank and were guaranteed by the government.
In September 1996, Germany's WAZ Group, publisher of the Westdeutsche Allgemeine Zeitung, bought a 70% stake in 168 Hours Pressgroup. A month earlier, WAZ settled a DEM 23.5 million debt of the Pressgroup owed to local First Private Bank (FPB). The Pressgroup initially had debts of DEM 29 million to FPB but they were reduced by 19% after negotiations with the German buyers. In early 1997, WAZ Group acquired another local media group Media Holding – which publishes the country's largest-circulation daily Trud. After the deal, the German publisher gained control over some 80% of the Bulgarian newspaper market.
In 1999, Bulgaria's anti-monopoly watchdog obliged WAZ to sell 60% in Media Holding to cut its market share. A 30% stake in Media Holding was sold to Austrian company Raiffeisen Ost Invest Unternehmensbeteiligungsges mbH, while WAZ retained 30% of the equity. In July 2005, the anti-monopoly watchdog allowed the Austrian enterprise to sell its stake to WAZ citing downturn in circulation. After the deal for Media Holding, WAZ – Media group Bulgaria – Holding controls 64% of the dailies market and 60.5% of the newspaper advertising market.