Analysts have welcomed CMEÂs sale of Ukrainian broadcaster 1+1.
The central and eastern Europe-focused broadcast group announced the US$300m (Â331m) deal to offload 1+1 last month and ratings agency MoodyÂs noted this week: ÂThe business was not expected to reach EBITDA break-even level before 2012 and was therefore undermining the company’s operating cash flow generation capacity and credit metrics.Â MoodyÂs also welcomed CMEÂs US$400m acquisition of Bulgarian free-to-air broadcaster bTV. It noted: ÂThe transactions in Bulgaria and Ukraine should improve the company’s business risk profile as its focus will have moved away from developing operations; and should increase its consolidated EBITDA.Â
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