Time Warner Ups Stake in Central European Media Enterprises

The conglomerate has increased its holding in the Central and Eastern European broadcaster to 34.4%.

NEW YORK - Time Warner has increased its minority stake in Central European Media Enterprises, a broadcaster focused on the Central and Eastern European markets.

The conglomerate in 2009 spent $241.5 million to take a stake of 31 percent in CME to step up its game in a region that observers see as having good growth upside.

TW on Wednesday bought 3.12 million additional shares from a Czech investment group for about $60.7 million, according to a regulatory filing. The purchase increases TW’s stake to 34.4 percent.