Time Warner has paid $60.3 million to increase its ownership in Central European Media Enterprises, Reuters reported. Time Warner now holds 31% of the broadcaster, up 5.5% from its previous stake. It bought the shares from from privately held Testora, part of Czech private equity group PPF Investments.
(Reuters) – U.S. media group Time Warner has bought another 3.12 million shares in Central European Media Enterprises.
The transaction worth $60.3 million raises Time Warner’s stake in the central European broadcaster by 5.5 percent to nearly 31 percent. CME shares were up 7.4 percent by 0844 GMT.
Time Warner said on Thursday it acquired the shares in CME, which owns TV stations in six central and eastern European countries, from privately held Testora, part of Czech private equity group PPF Investments.
Rising sales lifted CME’s fourth-quarter revenue and core profit above expectations, helping it meet full-year guidance.
Advertising sales at its key markets see only a sluggish recovery but CME said it expected a turnaround this year. (Reporting by Robert Mueller and Jana Mlcochova; Editing by Michael Winfrey and Dan Lalor)