PPF, an investment group owned by the Czech Republic’s wealthiest man Petr Kellner, is closing in on the acquisition of AT&T-owned Central European Media Enterprises (CME).
According to sources cited by Czech news site hlidacipes.org, the investment group is the last remaining bidder for CME.
CME was inherited by AT&T following its merger with Time Warner, and holds 75% of the company when factoring in preference shares. It is believed that AT&T is seeking CZK47 billion (€1.82 billion) for CME.
Both companies have declined to comment on the speculation.
PPF owns a variety of different assets, including O2 Czech Republic. A deal to acquire CME would be significant to the local market, with the broadcaster owning leading commercial network TV Nova.
CME operates channels in five central and eastern European countries, and launched a strategic review in March which said that sale of either the entirety or part of the company was a serious option in order to cut its debts – currently at US$633 million.
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