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Owner of Bulgarian Pro BG to Acquire MediaPro
Business | July 29, 2009, Wednesday // 11:06
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Central European Media Enterprises Ltd. (CME) announced that it has entered into an agreement with MediaPro Management and MediaPro BV, to acquire the MediaPro Entertainment business.
MediaPro Management and MediaPro BV will receive USD 10 M in cash, 2.2 million of Class A common share and a warrant to purchase up to 850,000 shares of CME's Class A common share at a price of USD 21.75, debt assumption of about USD 35.6 M and the contribution of CME's 8.7% interest in MediaPro Management and CME's 10% interest in MediaPro BV, the company stated.
CME also announced that Adrian Sarbu, currently the company's president and chief operating officer, was appointed as chief executive officer of CME.
In Bulgaria, the media group CME controls Ring TV and TV2 channels. The latter was recently renamed Pro BG.
CME also owns units in Croatia, the Czech Republic, Romania, Slovakia, Slovenia and Ukraine.
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