CME wraps share sale to Time Warner
June 28, 2013
By Chris Forrester
Central European Media Enterprises (CME) says it has sold 200,000 of its newly designated Series B Convertible/Redeemable Preferred shares to a Time Warner subsidiary for $200 million.
The proceeds from this sale, plus an additional $100 million of net proceeds from CME’s IPO in May, will be used to fund the buy-back of CME’s outstanding 11.625 per cent senior notes due 2016.
CME operates in Central and Eastern Europe, owing TV operations in six countries.