CME ups tempo in Ukraine

Central European Media Enterprises (CME) is to further consolidate its broadcast interests in Ukraine.

According to the company, it will acquire 100% ownership in the entertainment channel Kino, in which it currently holds a 60.4% stake.

For this, it will transfer its 60.4% stake in another channel the entertainment and culture-based Citi to Glavred and pay the company $10 million (7.07 million) in cash.

Furthermore, it will acquire a 10% stake in Glavred for $12 million, with all transaction expected to be completed in February next year.

Glavred is currently a minority (39.6%) shareholder in both Kino and City.

CMEs other interests in Ukraine include the national commercial station Studio 1+1.