CME considering asset sales
October 31, 2013 10.16 Europe/London By Chris Dziadul
CMEThe possibility of selling some of its major assets – effectively exiting one or more of the markets in the CEE region it is present in – is something that CME cannot now rule out.
In a conference call accompanying the company’s latest set of results, its co-CEOs Michael del Nin and Christophe Mainusch said that it was “not taking anything off the table” with respect to asset sales.
Furthermore, any sales would be a strategic decision that would help CME focus on its core broadcasting assets, which is now its strategy.
Significantly, they also said the company would initially be looking at the possible sale of its theatrical and home video distribution assets.
They also said that CME’s top priority is improving the performance of its operation in the Czech Republic.
Furthermore, it will now accelerate and expand its previously announced restructuring plans. These will see the company end the year with 1,000 fewer employees than at the start.
They will also see an annual saving of $30 million (€21.82 million) on 2012.
However, restructuring costs this year will amount to $20 million and there will be $7 million in severance pay in Q3 and Q4.