Time Warner increases CME stake
04 Mar 11 -
US media giant Time Warner has increased its stake in CME to 31%.
Time Warner bought 3.1 million shares in the central and eastern European broadcaster from a Czech investment group for US$60.3 million (€43.4 million), raising its ownership by 5.5 percentage points.
CME operates free-to-air channels in the Czech Republic, Romania, Croatia, Slovakia, Slovenia and Bulgaria. Last month, it announced fourth-quarter net loss of US$26.1 million, compared to US$55.3 million a year earlier due to a rebound in the ad market. Revenue increased US$23 million to US$257.4 million.