Time Warner has increased it stake in CME, a leading operator of commercial TV stations in Central and Eastern Europe, to 31%.
Agency reports say the US media group has bought 3.12 million publicly traded shares from Testora, which part of the Czech private equity group PPF, for $60.3 million (€43.4 million).
By doing so, it has raised the number of A-class publicly traded shares by 5.4 percentage points to nearly 31%.
Time Warner also owns non-publicly traded B shares in CME, and its total stake in the latter now stands at 34.4%.
The move should provide a welcome boost to CME, which is a vertically integrated media company with interests in The Czech Republic, Slovakia, Romania, Bulgaria, Slovenia and Croatia.