Time Warner buys US$200m CME shares

CME logoBroadcast group Central European Media Enterprises (CME) has sold 200,000 shares in the company to stakeholder Time Warner Media Holdings for US$200 million (€153.6 million).

CME said the sale of the Series B convertible redeemable preferred stock, along with US$100 million of proceeds from a public share offering that was completed in May, would be used to pay of debt – repurchasing a portion of CME’s outstanding 11.625% senior notes that are due in 2016.

CME is a media and entertainment company operating TV channels in six central and eastern European markets with an aggregate population of approximately 50 million people. It also operates Voyo, the pan-regional video-on-demand service.

Time Warner upped its stake in CME last year to 49.9%.