TW buys stake in CME, WB branded channels

Central European Media Enterprises Ltd. (CME) has confirmed that Time Warner will invest $241.5 million in CME for a 31% stake. Time Warner is agreeing to allow CME founder and Non-Executive Chairman Ronald S. Lauder to vote Time Warner's shares of CME for at least four years, subject to certain exceptions. Also, Lauder has pledged to support Time Warner's appointment of two of its designees to CME's board of directors. The transaction is expected to close before the end of the second quarter of 2009.

In addition, Warner Bros and CME have separately agreed to form a partnership to launch and operate new thematic television channels in current CME territories. These channels, some of which will be Warner Bros branded, will feature international films and television series, including titles from the Warner Bros library.

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