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%.
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