The Czech Republic’s PPF Group could be only days away from acquiring Central European Media Enterprises (CME).
According to Reuters, quoting reports published by Hospodarske Noviny and Aktualne.cz (Czech Republic) and Capital (Bulgaria), a deal would see PPF Group, which is headed by the Czech billionaire Petr Kellner, acquire the stake in CME currently held by AT&T, and formerly Time Warner. This amounts to 64% of the company’s shares but effectively 75% through preferred shares.
Although CME and PPF Group have refused to comment on the reports, the former confirmed in a conference call accompanying its latest set of results that its strategic review, which is considering the sale of all or part of the company, is still under way.
CME has been present in Central and Eastern Europe since the early 1990s and owns commercial broadcasters in the Czech Republic, Slovakia, Romania and Bulgaria.
