Time Warner Ups Stake in Central European Media Enterprises
COLOGNE, Germany -- Time Warner has further increased its stake in Central European Media Enterprises (CME), paying $89 million (€70.4 million) for an additional 9.9 million class A shares in the broadcast group, which operates channels in six Central and Eastern European countries.
The acquisition cost will be applied to loans CME has drawn down from the term loan facilities credit agreement the group signed with Time Warner in April. As a result of the deal Time Warner increases its stake in CME to 40 percent on a diluted basis.
CME operates 31 free and payTV channels in Central and Eastern Europe reaching around 50 million people. It also controls a production and distribution division, Media Pro Entertainment and Voyo, a pan-regional VOD service.