Central European Media Enterprises (CME) is to further consolidate its broadcast interests in Ukraine.
According to the company, it will acquire 100% ownership in the entertainment channel Kino, in which it currently holds a 60.4% stake.
For this, it will transfer its 60.4% stake in another channel – the entertainment and culture-based Citi – to Glavred and pay the company $10 million (€7.07 million) in cash.
Furthermore, it will acquire a 10% stake in Glavred for $12 million, with all transaction expected to be completed in February next year.
Glavred is currently a minority (39.6%) shareholder in both Kino and City.
CME’s other interests in Ukraine include the national commercial station Studio 1+1.