CME completes share sale to Time Warner

Broadcast group Central European Media Enterprises (CME) announced today it has closed the sale of 200,000 shares to stakeholder Time Warner Media Holdings.

The firm said last month that it was selling the series B convertible redeemable preferred stock to the Time Warner Inc affiliate for US$200 million (€153.6 million). CME plans to use the proceeds, along with US$100 million it gained from a public share offering that was completed in May, to pay of debt – repurchasing a portion of CME’s outstanding 11.625% senior notes that are due in 2016.