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Time Warner Steps into Bulgaria

Date: 21.05.2009

US media giant Time Warner Inc. (TWX) has finalised its USD 241.5 M acquisition of a 31 % stake in CME, the Central and Eastern European broadcaster. The companies previously announced the signing of the transaction on March 23, 2009.

CETV bought two Bulgarian television channels in 2008 - TV2 and the only sport broadcasting channel in Bulgaria, Ring TV.

For its investment, Time Warner will receive 19 million newly issued Central European Media shares.

The two companies will link up to launch and operate thematic TV channels in current CME territories including Bulgaria, Croatia, the Czech Republic, Romania, Slovakia, Slovenia and Ukraine.

The channels - a number of which will be Warner Bros-branded - will carry international films and TV series, including titles from the Warner Bros library.

The deal allows Ronald Lauder, cosmetics billionaire and founder of CME broadcast company, to vote Time Warner's shares of CME for at least four years with some exceptions. Lauder has agreed to support two of the company's nominees to CME's board.

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