CME finds Ukrainian buyer; Russian interest revealed

By Chris Dziadul

CME has found an investor for its TV interests in Ukraine.

According to the company, the local businessman and CME shareholder Igor Kolomoisky will contribute $100 million (€71.1 million) in cash plus the TET TV channel into the Studio 1+1 group in exchange for a 49% stake in the enlarged company.

The deal is expected to close in the third quarter and, what is more, Kolomoisky has the option of securing the remaining 51% stake for $300 million in cash.

Interestingly, Russia’s Kommersant reports that Prof-Media has also made an offer to buy a controlling stake in the Studio 1+1 Group.

At the same time, it has offered to resolve a dispute between CME and the leading Russian ad sales house Video International, with which CME terminated a contract prematurely in December 2008.