| MUMBAI:
Time Warner has closed its investments in Central European Media Enterprises (CME),
a media company in Central and Eastern Europe. Time
Warner holds a 31 per cent interest in CME, paying out $241.5 million.
Time
Warner had received 19 million newly issued common shares of CME, consisting of
14.5 million shares of Class A Common Stock at a price of $12 per share and 4.5
million shares of Class B Common Stock at a price of $15 per share.
Time Warner has agreed to allow CME founder and non-executive chairman Ronald
S. Lauder to vote Time Warner’s shares of CME for at least four years, subject
to certain exceptions. Lauder has pledged to support Time Warner’s appointment
of two of its designees to CME’s board of directors.
Citigroup
served as financial advisor to Time Warner. J.P. Morgan served
as CME’s financial advisor.
Also
Read:
Time
Warner to snap up 31% in CME for $214.5 mn
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