Time Warner Completes $241.5M Deal For 31% In Broadcaster CMEPublish date: 19-05-2009
U.S. media group Time Warner Inc. on Monday said it completed a $241.1 million deal for a 31% stake in Central European Media Enterprises (CME), owner of Romania's media trust PRO TV.
Under the deal, Time Warner received 19 million newly issued common shares of CME, consisting of 14.5 million shares of class A stock at $12 per share and 4.5 million shares of class B stock at $15.
Time Warner will also get two seats on CME's board.
PRO TV owns television channels PRO TV, Acasa, PRO Cinema, PRO TV International, Sport.ro and MTV Romania.
Apart from the Romanian companies, CME operates TV networks in Czech Republic, Slovakia, Slovenia, Croatia, Ukraine and Bulgaria.
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