Time Warner buys into CME

Time Warner is to acquire a 31% stake in Central European Media Enterprises (CME), a leading operator of commercial TV stations in Central and Eastern Europe (CEE), for $241.5 million (177.9 million).
It has also agreed to form a partnership with CME to launch and operate new thematic channels in current CME territories.

CME has been present in CEE since the early 1990s, its interests in the region include TV Nova, the leading broadcaster in the Czech Republic.
The move should help stabilise the company in an increasingly difficult economic climate.

It expects to post revenues of $135-145 million and total EBITDA of $18-22 million in Q1 2009, as opposed to $223 million and $75 million respectively in the corresponding period last year.