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Estee lauder buys two Bulgarian TV channels for USD 172 M

Date: 30.07.2008

Central European Media Enterprises, which is part of the US cosmetics giant Estee Lauder has purchased 80% of two Bulgarian cable TV channels - TV2 and Ring TV - for the sum of USD 172 M.

The news was announced by U.S.Newswire on Tuesday, which points out that the American media company was continuing its expansion in Eastern Europe.

The deal for the purchase of TV2, a national cable network launched in November 2007, and Ring TV, a sports cable channel, from the Bulgarian Top Tone Media Holdings Limited is expected to be finalized in two weeks.

The Central European Media Enterprises is also going to sign a contract with the Bulgarian media and advertising consultant Krasimir Gergovm, who is the alleged informal owner of the two TV channels on sale.

"This acquisition is an important next step in the continuing expansion of our free-to-air broadcasting operations in Central and Eastern Europe. Our entrance into the Bulgarian market represents the first new CME territory in three years... We look forward to entering Bulgaria, which has a dynamic economy and a rapidly growing television advertising market", the CEO of Central European Media Enterprises Michael Garin is quoted as saying.

U.S.Newswire points out that the Bulgarian net television advertising market was approximately USD 168 M in 2007 and was predicted to grow 20% per year between 2008 and 2012.

The CME owns TV channels in six Central and Eastern European countries reaching approximately 90 million people. The Company's television stations are located in Croatia (Nova TV), Czech Republic (TV Nova, Galaxie Sport, Nova Cinema), Romania (PRO TV, Acasa, PRO Cinema,, MTV Romania, PRO TV International), Slovakia (TV Markiza), Slovenia (POP TV, Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International, Kino and Citi).

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