Nova Broadcasting Group Chief Legal and Compliance Officer Elena Velkova reflects on her transition from advisory to in-house, building a specialized legal team, navigating technology-driven change and regulatory challenges, and assuming a more strategic role in the media industry.
CEELM: Tell us a bit about yourself and the career path that led you to your current role.
Velkova: I have over 20 years of professional experience as a General Counsel, and for the past 18 years, I’ve been focused on the media industry. I currently work for the Nova Broadcasting Group, the leading media company in Bulgaria. We operate 11 television channels, 4 radio stations, a number of websites and digital platforms, and two print editions. Nova is part of United Media, which spans operations across 8 countries and produces over 40,000 hours of original content annually.
Before joining Nova, I spent three rewarding years at Deloitte Legal. There, I worked on a wide range of projects across M&A, real estate, energy, and technology. That role shaped my strategic thinking and prepared me well for my current position.
CEELM: What was the biggest adjustment when moving in-house?
Velkova: For me, the shift felt quite natural. I had led a successful project involving the acquisition of television channels for foreign investors, and afterward, I was offered the chance to join the business itself. It was a completely new chapter – one I embraced fully.
I love my career as part of such a dynamic and fast-moving field. Joining television was a turning point, not only for my professional development but personally as well. I’ve always been passionate about media, and the constant evolution through technology keeps me engaged every day. The transition wasn’t easy, of course. I approached it the only way I knew – analytically, carefully weighing all potential consequences. Over time, though, I developed something every in-house lawyer eventually needs: intuition. Being deeply immersed in one legal sphere helps you grow that instinct, and today, many of the decisions I support are made in close alignment with business leaders. That collaborative process, where legal doesn’t just follow but helps shape strategy, is incredibly fulfilling.
CEELM: How is your in-house legal team structured today?
Velkova: When I joined Nova, I was alone as the General Counsel. Today, the legal team has grown significantly. We now have dedicated lawyers for each major area – television, radio, digital, and print – and specialists focused on IP, GDPR, and product development and distribution.
We’ve also recently started work on AI-focused projects, which we’re excited to develop further. Early on, many of us had to be generalists, but that’s no longer enough. The complexity of media law now demands deep specialization. General legal education is just the beginning. To succeed, our lawyers need to immerse themselves in at least one special field of the media world and grow from there. And honestly, the possibilities are endless.
CEELM: What kept you and your team busy over the past year, and what’s on your radar for the coming months?
Velkova: Everything in media today is touched by technology. Television remains the dominant medium in Bulgaria, with over 50% market share, but the pace of change is relentless. We’re seeing shifts in consumer behavior, the emergence of new business models, and the constant rise of streaming platforms. Traditional media, especially newspapers and magazines, continue to struggle, while radio is being rivaled by podcasts and audio platforms.
For us, the challenge is preserving television’s role as a key democratic pillar. That means ensuring reliable, high-quality information keeps flowing. From a legal perspective, our work has become far more complex. We deal with everything from personal data in journalistic content to the cybersecurity of our digital assets and the legal implications of emerging AI tools.
One key area of focus has been adapting to legislative changes. Television is heavily regulated, particularly when it comes to advertising, what we can show, how often, and to whom. But the same doesn’t apply to streaming or online platforms, creating an uneven playing field. For example, in 2024, Bulgaria banned gambling advertisements in traditional media, but the same restrictions don’t fully apply to some online and offline outlets. That kind of legal asymmetry creates real challenges for businesses like ours.
Another major concern is content piracy. It evolves faster than the law can keep up. We invest heavily in sports and entertainment rights, but content still leaks, especially football matches, which might be streamed illegally during their brief window of relevance. Enforcement can’t always react quickly enough.
CEELM: How do you decide whether to keep legal work in-house or outsource it, and, when selecting external counsel, what are your top criteria?
Velkova: We’ve built a brilliant internal team, but external counsel remain essential. My past experience at Deloitte helped a lot here. It’s usually an ad hoc decision made by management, and it starts with asking the right questions internally, framing the issue clearly, and managing expectations. Often, companies want simple answers to complex legal questions, and that’s not always realistic.
One challenge is that external lawyers only get partial information about our work, which limits their ability to advise accurately. That’s why we work with a carefully selected pool of law firms, both in Bulgaria and internationally. The final call depends on the complexity, the level of specialization required, and the value of having an outside perspective.
Expertise is key, of course, but we also look at commercial awareness. We want advisors who really understand the media sector and can help us navigate its unique challenges. Their previous experience matters a lot, especially if they’ve worked on similar issues or projects. That gives us confidence that we’ll be speaking the same language.
CEELM: What do you see as the biggest upcoming challenges for GCs in Bulgaria?
Velkova: We’re all grappling with the same global issues – streaming platforms drawing younger audiences away from traditional television, increasingly restrictive advertising rules, and the fight to protect intellectual property.
Our job is to develop the value of what we have: our platforms and content, while also adapting to new realities. Legislative change and technological updates are coming quickly, and we need to stay ahead of these developments.
CEELM: Finally, what advice would you give young lawyers hoping to build a happy and successful career?
Velkova: I have so much respect and affection for the younger members of my team. I always tell them: “Love what you do! Be curious! Be passionate!”
Try to understand the business deeply, not just the law. Your goal should be to help grow the business, and that means asking questions like “how” and “why” every day. Legal knowledge alone isn’t enough anymore. You need to become a partner in the business and help shape its future.
This article was originally published in Issue 12.5 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.