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For its investment, Time Warner will receive 19 million newly issued Central European Media shares. File photo
US media giant Time Warner Inc (TWX) has finalized its USD 241,5 M acquisition of a 31% stake in CME, the Central and Eastern European broadcaster.
The companies previously announced the signing of the transaction on March 23, 2009.
CETV bought two Bulgarian television channels in 2008 - TV2 and the only sport broadcasting channel in Bulgaria, Ring TV.
For its investment, Time Warner will receive 19 million newly issued Central European Media shares.
The two companies will link up to launch and operate thematic TV channels in current CME territories including Bulgaria, Croatia, the Czech Republic, Romania, Slovakia, Slovenia and Ukraine.
The channels - a number of which will be Warner Bros-branded - will carry international films and TV series, including titles from the Warner Bros library.
The deal allows Ronald Lauder, cosmetics billionaire and founder of CME broadcast company, to vote Time Warner's shares of CME for at least four years with some exceptions. Lauder has agreed to support two of the company's nominees to CME's board.
The US Department of Justice is blocking a billions of dollars deal for the merger of Time Warner with the AT & T communications concern, Bloomberg reports.
The European Commission has cleared the proposed acquisition of Central European Media Enterprises ("CME"), based in Bermuda, by Time Warner of the United States.
Regional broadcaster Central European Media Enterprises (CME) saw net revenue of USD 172.8 M in the first three months of 2011, a 20.3% increase year-on-year, largely thanks to its Bulgarian acquisition bTV.
Central European Media Enterprises Ltd., which bought Bulgaria's first national private television bTV earlier this year, has forecast that ad spending in Bulgaria will fall by 12% in 2010.
Central European Media Enterprises Ltd., which bought Bulgaria's first national private television bTV earlier this year, said its revenues rose 10.3% to USD 201.7 M in the second quarter as the Bulgarian acquisition offset a slump in ad income.
Buglaria's largest television station bTV will not be sold before January 2010.
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