1. Executive Summary 
1.1. Demand 
1.2. Supply 
1.3. The Market 
1.4. Future Development 

2. Introduction 
2.1. Objectives 
2.2. Methodology 

3. Political and Economic Factors 
3.1. Basic Country Information 
3.2. Political, Legal, and Regulatory Framework 
3.3. Economic Indicators 

4. General Overview of the Publishing Sector in Bulgaria 
4.1. Advertising Expenditures 
4.2. Press Publishing Development 
4.3. Online Media Development 

5. Demand Driving Factors 
6. Supply of Press and Online Media 
6.1. Presentation of Key Sector Newspapers Publishing Companies 
6.2. Presentation of Key Sector Magazines Publishing Companies 
6.3. Presentation of Key Web Media Groups
 
7. Online and Press Media Market Size Development 
7.1. Newspapers Market Size Development 
7.2. Magazines Market Size Development 
7.3. Online Media Market Size Development 

8. European and International Trends 

9. Conclusions 
9.1. Future Development of the Newspapers Publishing Market 
9.2. Future Development of the Magazines Publishing Market 
9.3. Future Development of the Online Media Market 
 
List of Tables

TABLE 3.1 SNAPSHOT OF THE MACRO ENVIRONMENT, 2002 – 01-06.2009 
TABLE 3.2 TRADE, EXCHANGE RATE AND CURRENT ACCOUNT
                   2002 – 01-06.2009 
TABLE 4.1 NEWSPAPERS CIRCULATION DEVELOPMENT 2000-2008 
TABLE 4.2 NEWSPAPERS PERIODICITY DEVELOPMENT, 2004-2008 
TABLE 4.3 MAGAZINES TITLES AND CIRCULATION DEVELOPMENT 2003-2008 
TABLE 4.4 NEWSPAPERS RATING BY DRAWN ADVERTISING BUDGETS,
                   2006-06.2009 
TABLE 4.5 MAGAZINES RATING BY DRAWN ADVERTISING BUDGETS,
                   2006-06.2009 
TABLE 4.6 WEB MEDIA GROUPS RATING ACCORDING TO AVERAGE NUMBER OF
                   UNIQUE BROWSERS 
TABLE 6.1 PROFILES OF MAJOR NEWSPAPERS’ PUBLISHERS IN BULGARIA 
TABLE 6.2 KEY NEWSPAPERS PUBLISHERS’ PERIODICALS MATRIX 
TABLE 6.3 NEWSPAPERS’ PUBLISHERS IN BULGARIA REVENUE DEVELOPMENT,
                   2004-2008 
TABLE 6.4 OPERATING MARGIN OF NEWSPAPERS’ PUBLISHERS, 2005-2008 
TABLE 6.5 EBITDA MARGIN OF NEWSPAPERS’ PUBLISHERS, 2005-2008 
TABLE 6.6 NET PROFIT MARGIN OF NEWSPAPERS’ PUBLISHERS, 2005-2008 
TABLE 6.7 RETURN ON SHAREHOLDERS’ EQUITY RATIO OF NEWSPAPERS’
                   PUBLISHERS, 2005-2008 
TABLE 6.8 RETURN ON CAPITAL EMPLOYED OF NEWSPAPERS’ PUBLISHERS,
                   2005-2008 
TABLE 6.9 CURRENT RATIO OF NEWSPAPERS’ PUBLISHERS 2005-2008 
TABLE 6.10 QUICK RATIO OF NEWSPAPERS’ PUBLISHERS, 2005-2008 
TABLE 6.11 CASH RATIO OF NEWSPAPERS’ PUBLISHERS, 2005-2008 
TABLE 6.12 PROFILES OF MAJOR MAGAZINES’ PUBLISHERS IN BULGARIA 
TABLE 6.13 KEY MAGAZINES PUBLISHERS PERIODICALS’ MATRIX 
TABLE 6.14 MAGAZINES’ PUBLISHERS IN BULGARIA REVENUE DEVELOPMENT,
                    2004-2008 
TABLE 6.15 OPERATING MARGIN OF MAGAZINES’ PUBLISHERS, 2005-2008 
TABLE 6.16 EBITDA MARGIN OF MAGAZINES’ PUBLISHERS, 2005-2008 
TABLE 6.17 NET PROFIT MARGIN OF MAGAZINES PUBLISHERS, 2005-2008 
TABLE 6.18 RETURN ON SHAREHOLDERS’ EQUITY RATIO OF MAGAZINES’
                     PUBLISHERS, 2005-2008 
TABLE 6.19 RETURN ON CAPITAL EMPLOYED RATIO OF MAGAZINES’
                     PUBLISHERS, 2005-2008 
TABLE 6.20 CURRENT RATIO OF MAGAZINES’ PUBLISHERS, 2005-2008 
TABLE 6.21 QUICK RATIO OF MAGAZINES’ PUBLISHERS, 2005-2008 
TABLE 6.22 CASH RATIO OF MAGAZINES’ PUBLISHERS, 2005-2008 
TABLE 6.23 PROFILES OF MAJOR WEB MEDIA GROUPS IN BULGARIA 
TABLE 6.24 WEBSITES RANKING BY UNIQUE BROWSERS/VISITORS AND
                     PAGE IMPRESSIONS/VIEWS 
TABLE 6.25 WEB MEDIA GROUPS TOTAL SALES DEVELOPMENT, 2005-2008 
TABLE 6.26 OPERATING MARGIN OF KEY WEB MEDIA GROUPS, 2005-2008 
TABLE 6.27 EBITDA MARGIN OF KEY WEB MEDIA GROUPS, 2005-2008 
TABLE 6.28 NET PROFIT MARGIN OF KEY WEB MEDIA GROUPS, 2005-2008 
TABLE 6.29 RETURN ON SHAREHOLDERS’ EQUITY RATION OF KEY WEB MEDIA
                    GROUPS, 2005-2008 
TABLE 6.30 RETURN ON CAPITAL EMPLOYED RATIO OF KEY WEB MEDIA GROUPS,
                    2005-2008 
TABLE 6.31 CURRENT RATIO OF KEY WEB MEDIA GROUPS, 2005-2008 
TABLE 6.32 QUICK RATIO OF KEY WEB MEDIA GROUPS, 2005-2008 
TABLE 6.33 CASH RATIO OF KEY WEB MEDIA GROUPS, 2005-2008 
TABLE 9.1 SWOT ANALYSIS OF THE ONLINE AND PRESS MARKET IN BULGARIA 

List of Graphs

GRAPH 3.1 ADMINISTRATIVE-TERRITORIAL REGIONS OF BULGARIA 
GRAPH 3.2 BUSINESS CLIMATE IN BULGARIA DEVELOPMENT, 1999-2009 
GRAPH 4.1 TOTAL ADVERTISING EXPENDITURES DEVELOPMENT, 2002-2008 
GRAPH 4.2 ADVERTISING EXPENDITURES MEDIA MIX DEVELOPMENT
                    2004-2008 IN % 
GRAPH 4.3 NEWSPAPERS AND MAGAZINES CIRCULATION DEVELOPMENT,
                    2003-2008,  IN 000 
GRAPH 4.4 WEB CATEGORIES RATING ACCORDING TO PAGE IMPRESSIONS
                   IN 000 
GRAPH 5.1 ADVERTISED CATEGORIES IN PRESS, 2006-2008, IN % 
GRAPH 5.2 POPULATION DEVELOPMENT 2004-2011 IN MLN 
GRAPH 5.3 UNEMPLOYMENT DEVELOPMENT 2002-2009, IN % 
GRAPH 5.4 RETAIL SALE OF ELECTRICAL HOUSEHOLD APPLIANCES, RADIO AND
                   TELEVISION SETS IN EUR 000, 2004-2009 
GRAPH 5.5 TOTAL SALES OF NEW CARS, 2002-2009 
GRAPH 5.6 MORTGAGES AND CONSUMER LOANS DEVELOPMENT 2004-2008
                   IN EUR 000 
GRAPH 5.7 TOTAL NUMBER OF NEW BUILDINGS DEVELOPMENT 2004-2009 
GRAPH 5.8  FOOD AND BEVERAGES RETAIL MARKET SIZE DEVELOPMENT,
                    2004-2008 IN EUR BLN. 
GRAPH 5.9 FOREIGN AND BULGARIAN VISITORS TO AND FROM BULGARIA,
                   2002-2009 
GRAPH 5.10 TOTAL NUMBER OF INTERNET USERS IN BULGARIA DEVELOPMENT,
                     2004-2008, IN MLN 
GRAPH 5.11 DISTRIBUTION OF INTERNET USERS IN BULGARIA BY
                     GEOGRAPHICAL LOCATION 
GRAPH 7.1 NEWSPAPERS MARKET SIZE DEVELOPMENT, 2005-2008, IN EUR 000 
GRAPH 7.2 MARKET SHARES OF NEWSPAPERS PUBLISHERS 2008 
GRAPH 7.3 MARKET SIZE DEVELOPMENT OF MAGAZINES PUBLISHERS,
                   2004-2008, IN EUR 000 
GRAPH 7.4 MARKET SHARES OF MAGAZINES PUBLISHERS 2008 
GRAPH 7.5 WEB MEDIA MARKET SIZE DEVELOPMENT, 2005-2008, IN EUR 000 
GRAPH 7.6 MARKET SHARES OF WEB MEDIA GROUPS 2008