Time Warner Ups Stake in Central European Media Enterprises

1:37 PM PDT 6/18/2012 by Scott Roxborough

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Warner increases its share in the Central and Eastern broadcaster to 40 percent.

COLOGNE, Germany -- Time Warner has further increased its stake in Central European Media Enterprises (CME), paying $89 million (€70.4 million) for an additional 9.9 million class A shares in the broadcast group, which operates channels in six Central and Eastern European countries.

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The acquisition cost will be applied to loans CME has drawn down from the term loan facilities credit agreement the group signed with Time Warner in April. As a result of the deal Time Warner increases its stake in CME to 40 percent on a diluted basis.

CME operates 31 free and payTV channels in Central and Eastern Europe reaching around 50 million people. It also controls a production and distribution division, Media Pro Entertainment and Voyo, a pan-regional VOD service.