Central European Media Enterprises (CME) is to sell its Ukrainian channels Studio 1+1 and Kino to Harley Trading Limited (HTL), a company owned by Igor Kolomoisky, for $300 million (€209.1 million) in cash.
An additional $19 million will be paid to fund cash expenses of the Studio 1+1 group between the signing and closing of the transaction. HTL will pay $30 million to CME on February 1 this year and the balance on closure of the deal, which is expected to take place in the second half of April.
Following the deal, Kolomoisky will remain a director and shareholder of CME.
The sale marks CME’s exit from Ukraine, a market it has been present in for 13 years.