CME has found an investor for its TV interests in Ukraine.
According to the company, the local businessman and CME shareholder Igor Kolomoisky will contribute $100 million (€71.1 million) in cash plus the TET TV channel into the Studio 1+1 group in exchange for a 49% stake in the enlarged company.
The deal is expected to close in the third quarter and, what is more, Kolomoisky has the option of securing the remaining 51% stake for $300 million in cash.
Interestingly, Russia’s Kommersant reports that Prof-Media has also made an offer to buy a controlling stake in the Studio 1+1 Group.
At the same time, it has offered to resolve a dispute between CME and the leading Russian ad sales house Video International, with which CME terminated a contract prematurely in December 2008.