Time Warner’s Central European Media Enterprises (CME) has become a take-over target for the Chinese energy investment group CEFC.
Quoting three sources familiar with the matter, Reuters reports that it has teamed up with the Czech-Slovak financial group Penta Investments in a bid to acquire CME, which is one of the leading commercial broadcasters in the CEE region.
Reuters adds that one of the sources says that CEFC would provide the bulk of the financing in any deal, which could be worth up to €500 million.
The move comes against the backdrop of Time Warner’s prospective sale to AT&T and there may be other bidders for CME.
Broadband TV News understands that Time Warner is keen to dispose of CME as an entire unit rather than its individual operations.
At present, CME is present in the Czech Republic, Slovakia, Romania and Bulgaria. It agreed to sell its broadcast interests in Slovenia and Croatia to United Media this summer but as Broadband TV News recently reported the latter deal has since run into difficulties on competition grounds.
