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Tv -- Data și ora publicării: 02.05.2014 23:53:41

TIME WARNER-CME-TRANSACTION / Time Warner gained control of 75.1% voting power in CME



Bucharest (MEDIA EXPRES) / May 5, 2014 / CME reported on May 5 closing an offer of refinancing previous debts and a loan after which Time Warner gained 75.1% of the Company's voting power interest, according to CME a press release.

The procedure was announced in February 2014 and initiated in March 2014, and its value amounted to approximately 400 million dollars.

At the end of 2013, Time Warner held a 49.7% voting interest in CME.

In a joint statement Michael Del Nin and Christoph Mainusch, Co-Chief Executive Officers of CME, said they believe that „CME is now on much better footing as we work to continue building the value of our leading brands”.

Jeff Bewkes, Chairman and Chief Executive Officer of Time Warner, said: “We are pleased that with our additional investment in the Company, CME’s management can focus on executing its strategy across all of their core markets.  We have full confidence in the management team to execute on its operational priorities.”

In Romania, CME restructures its operations which led to the dismissal of a large part of the local management, the reconsideration of contracts with production companies and local suppliers controlled by the former CEO of CME, Adrian Sarbu. Following the process, Pro TV moved from the Bucharest flagship building situated on Pache Protopopescu Bvd..

Time Warner is a media giant that owns among others the following stations with distribution in Romania: HBO, HBO Comedy and Cinemax, CNN, Cartoon Network, Boomerang and TCM. All this together with Pro TV, Acasă TV, Pro TV International, Pro Cinema, Sport.ro, the Romanian franchise of MTV, and the Pro TV and Acasă televisions from Republica Moldova are part of the same media group.
(MEDIA EXPRES)






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