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Bulgaria ON AIR is a Bulgarian media group, established on 9 September 2011. The group is consisting of 3 television channels - the flagship Bulgaria ON AIR TV (formerly "MSAT" and "Mustang TV"), a business and economic-based Bloomberg TV Bulgaria (in partnership with Bloomberg Group and the local Varna-based channel Cherno More TV, two radio stations - Radio Bulgaria ON AIR and Alpha Radio, an inflight magazine - Bulgaria ON AIR Magazine. The group is owned by Investor.BG EAD, part of the TIM holding, which also includes the "Investor Media Group" online platforms, the Varna-based cable operator "MSAT Cable EAD" (formerly "Mustang Cable"), as well as the "Himimport EAD" investing company.