CME completes sale of class A shares to Time Warner and Ronald Lauder
purchase price from the sales was approximately US$89 million, which has been applied to repay an equivalent amount of principal and accrued interest of the loans drawn under the Term Loan Facilities Credit Agreement between CME, as borrower, and Time Warner Inc., as administrative agent and lender, dated April 30, 2012. In connection with the closing of these transactions, TW and Mr. Lauder have converted all their shares of Class B common stock into shares of Class A common stock on a one-for-one basis for no additional consideration. As a result of the transaction, TW increased its ownership in CME to 40% on a diluted basis.
Adrian Sarbu, President and CEO of CME, commented: "The continued support from our major shareholders during volatile market conditions allows us to proceed with achieving our targets of reducing our leverage and interest costs."
CME is a media and entertainment company operating leading businesses in six Central and Eastern European markets with an aggregate population of approximately 50 million people. CME's broadcast operations are located in Bulgaria (bTV, bTV Cinema, bTV Comedy, bTV Action, bTV Lady and Ring.bg), Croatia (Nova TV, Doma and Nova World), the Czech Republic (TV Nova, Nova Cinema, Nova Sport and MTV Czech), Romania (PRO TV, PRO TV International, Acasa, Acasa Gold, PRO Cinema, Sport.ro, MTV Romania and PRO TV Chisinau Moldova), the Slovak Republic (TV Markíza and Doma) and Slovenia (POP TV, Kanal A and the POP NON STOP subscription package). CME's broadcast operations are supported by its content and distribution division, Media Pro Entertainment, as well as its New Media division, which operates Voyo, the pan-regional video-on-demand service. CME is traded on the NASDAQ Global Select Market and the Prague Stock Exchange under the ticker symbol "CETV".
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