Bulgaria's leading business media group and second-largest media group is buying 60 percent of Sofia Echo Media Ltd.

Economedia will have a stake in The Sofia Echo, real estate magazine PropertyWise and the Web sites www.sofiaecho.com, www.propertywisebulgaria.com and www.expatinbulgaria.com, all of which are part of Sofia Echo Media Ltd.

Economedia's Biser Boev said that the company has been working on a project for people who visit Bulgaria or for foreigners living in the country aiming to do business.

“After a market analysis, the best opportunity for us was partnership with Sofia Echo Media, which is a leader in this market segment and has created very strong media,” Boev said. “Foreigners interested in Bulgaria are becoming more numerous and this market is to continue growing. The combination of the resources of Economedia and the experience of Sofia Echo Media with this audience is unique, and we will develop other products in the future. After the deal's completion, we will offer advertisers access to foreigners, another part of the quality audience.”

Christine Milner, Sofia Echo's managing director, said that “with the launch of our new products to meet the growing hunger of foreigners for quality information about Bulgaria, it is a logical move for our company to look for a strong partner with whom to continue to develop this market.”