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MUMBAI: American media corporation Time Warner has upped its
stake from 40 per cent to 49.9 per cent in Bermuda-based media
and entertainment company Central European Media Enterprises
for approximately $90.8 million.
Founded
by Ronald Lauder, CME owns broadcast, content and new media
operations in Central and Eastern Europe.
CME
has issued 875 thousand Class A shares to TW, an affiliate
of Time Warner, as well as one share of a newly designated
Series A convertible preferred stock.
This
preferred share will be convertible into approximately 11.2
million Class A Shares following the termination of the voting
agreement with RSL Capital LLC, an affiliate of CME's Non-Executive
Chairman, Ronald S. Lauder.
Time
Warner had in 2009 paid $242 million for an initial 31 per
cent stake and a small amount to raise its stake later.
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