Time Warner closes acquisition of 31% in CME
American media giant Time Warner has said that it closed the acquisition of 31 per cent in Central European Media Enterprise Group (CME) for $241.5 million.
Time Warner thus establishes a foothold on the Bulgarian market, where CME owns channels TV2 and Ring TV. CME owns stations in six other Eastern European countries: Croatia, Czech Republic, Romania, Slovakia, Slovenia and Ukraine.
CME stepped in Bulgaria in August 2008, when it bought the two stations in a $172 million deal. Its revenue in Bulgaria in 2008 was $600 000, Bulgarian daily Dnevnik reported.
Time Warner bought 19 million shares, including 14.5 million shares at $12 a share and 4.5 million shares at $15 a share. Additionally, Time Warner has agreed to allow CME founder Ronald Lauder to vote for Time Warner’s shares of CME for a period spanning at least four years, subject to certain conditions. Lauder has pledged to support Time Warner’s appointment of two of its designees to CME’s board of directors.
Time Warner thus establishes a foothold on the Bulgarian market, where CME owns channels TV2 and Ring TV. CME owns stations in six other Eastern European countries: Croatia, Czech Republic, Romania, Slovakia, Slovenia and Ukraine.
CME stepped in Bulgaria in August 2008, when it bought the two stations in a $172 million deal. Its revenue in Bulgaria in 2008 was $600 000, Bulgarian daily Dnevnik reported.
Time Warner bought 19 million shares, including 14.5 million shares at $12 a share and 4.5 million shares at $15 a share. Additionally, Time Warner has agreed to allow CME founder Ronald Lauder to vote for Time Warner’s shares of CME for a period spanning at least four years, subject to certain conditions. Lauder has pledged to support Time Warner’s appointment of two of its designees to CME’s board of directors.