Bermuda-based Central European Media Enterprises Ltd. has closed its acquisition of News Corporation's bTV group in Bulgaria for $400 million plus a $13 million payment for a working capital adjustment.

The bTV group includes bTV, the leading free-to-air commercial television channel in Bulgaria, as well as bTV Cinema and bTV Comedy cable channels and several radio stations.

Adrian Sarbu, president and CEO of CME, said: "The acquisition of the bTV group is a milestone for CME. We have now reset our business as a vertically integrated media and entertainment operation focused on Central and Eastern Europe."