Time Warner buys into CME
By Chris Dziadul
March 23, 2009 12.17 UK
Time Warner is to acquire a 31% stake in Central European Media Enterprises (CME), a leading operator of commercial TV stations in Central and Eastern Europe (CEE), for $241.5 million (€177.9 million).
It has also agreed to form a partnership with CME to launch and operate new thematic channels in current CME territories.
CME has been present in CEE since the early 1990s, its interests in the region include TV Nova, the leading broadcaster in the Czech Republic.
The move should help stabilise the company in an increasingly difficult economic climate.
It expects to post revenues of $135-145 million and total EBITDA of $18-22 million in Q1 2009, as opposed to $223 million and $75 million respectively in the corresponding period last year.
Related Articles- Tough quarter for CME
- CR/Romania drive CME growth
- Mixed quarter for CME
- TV Nova tops Czech chart
- Financial woes continue for CME
- Telenet and KDG offer DOCSIS 3.0
- Dutch DTH prioritises HD
- Boxer CEO replaced in Teracom restructure
- Research says US consumers embrace 3D
- 1.2 million 3D sets shipped this year
