Central European Media Enterprises (CME) has started a process to “explore and evaluate potential strategic alternatives for the company” in an effort to maximise shareholder value.
The company said that these alternatives could include a sale of part or all of the company, a merger with another strategic partner, a recapitalisation, or continuing to execute on CME’s long-term business plan.
CME’s board of directors has formed a special committee of independent directors to lead the process, and the company’s largest shareholder, AT&T, supports the move.
“After five years of unparalleled growth and impressive deleveraging, the company has never been in better shape,” said CME chairman John Billock. “We strongly believe that now is the right time to conduct this strategic review.”
“The company continues to successfully execute on its long-term plan and a simultaneous evaluation of other appropriate strategic alternatives presents a complementary path to identify the best way to maximise value for all of CME’s shareholders.”
CME said that there is no guarantee that the process will result in a sale, has no timetable for the review, and does not plan to provide updates unless it determines that “further disclosure is appropriate or necessary”.
CME is a media and entertainment company operating in five Central and Eastern European markets – Bulgaria, the Czech Republic, Romania, Slovakia and Slovenia. The company’s operations include 30 TV channels that broadcast to approximately 45 million people.
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