CME sells stake to Time Warner

Central European Media Enterprises (CME) has announced the closing of the sale of approximately 9.9 million shares of the Company’s Class A common stock to Time Warner Media, and 2 million shares of Class A common stock to RSL Capital LLC, an affiliate of CME’s Non-Executive Chairman, Ronald Lauder, all at a purchase price per share of $7.51.

In connection with the closing of these transactions, Time Warner and Lauder have converted all their shares of Class B common stock into shares of Class A common stock on a one-for-one basis for no additional consideration.  As a result of the transaction, TW increased its ownership in CME to 40 per cent on a diluted basis.

Adrian Sarbu, President and CEO of CME, commented: “The continued support from our major shareholders during volatile market conditions allows us to proceed with achieving our targets of reducing our leverage and interest costs.”

You must be logged in to post a comment Login