The Bulgarian Commission for the Protection of Competition (CPC or Commission) authorised the acquisition of the main national filmmaking studios, Boyana Film EAD (“Boyana”) by the US-based New Image Inc. and its Bulgarian subsidiary New Image Bulgaria EOOD (together, “New Image”). The main interest of the case is twofold. On the one hand, the CPC subjected the clearance to a set of behavioural conditions, which is fairly rare in Bulgarian national merger control. On the other hand, the Commission set a precedent, which may be considered as establishing a state action-type of immunity as regards gun-jumping. Previously owned by the Bulgarian government, Boyana was auctioned by the Privatisation Agency, with New Image submitting the winning bid. By virtue of the privatisation agreement,
The Bulgarian competition authority clears an acquisition in the filmmaking industry subject to conditions and upholds a State action immunity for gun-jumping (New Image Bulgaria/Boyana Film)
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