In a statement, the company says its board of directors has formed a special committee comprised of independent directors to evaluate various strategic alternatives. These may include the sale of part or all of the company, a merger with another strategic partner, a recapitalisation, or continuing with CME’s long-term business plan. It adds that AT&T Inc., CME’s largest shareholder, supports its plan to review strategic alternatives.
Commenting on the development, John Billock, shairman of CME, said: “CME owns a very unique set of assets and has established an unrivalled leadership position in some of Europe’s fastest-growing media markets. After five years of unparalleled growth and impressive deleveraging, the company has never been in better shape. We strongly believe that now is the right time to conduct this strategic review. The company continues to successfully execute on its long-term plan and a simultaneous evaluation of other appropriate strategic alternatives presents a complementary path to identify the best way to maximise value for all of CME’s shareholders.”
Sigificantly, CME says that there is no reassurance that the process, for which there is no timetable, will result in a transaction. It will also not make any further comments or disclosures unless it feels they are appropriate or necessary.
CME is a leading provider of TV services in the Czech Republic, Slovakia, Bulgaria, Romania and Slovenia.