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MUMBAI:
Time Warner is acquiring 31 per cent stake in Central European
Media Enterprises (CME), the broadcast company founded by
the cosmetics heir Ronald S. Lauder, for $214.5 million.
After
receiving $9.25 billion in cash this month from its cable
arm hive-off, Time Warner is expanding in central and eastern
Europe. The partnership with CME will enable it to start thematic
channels featuring Warner Bros. films and TV series. CME operates
in seven countries.
"We
believe CME is ideally positioned over the long term as central
and eastern Europe returns to significant growth and the media
sector in these countries continues to evolve," says
Time Warner chief executive Officer Jeffrey Bewkes.
Time
Warner will get a total of 19 million shares from CME which
includes 14.5 million Class A shares at $12 per share and
4.5 million Class B shares at $15 per share.
"This
alliance with Time Warner will accelerate CME's future development
and take it to levels I could only dream of 15 years ago,"
says CME's founder Lauder.
CME
operates 22 channels in the Czech Republic, Bulgaria, Romania,
Croatia, Slovakia, Slovenia and Ukraine.
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