Time Warner Completes CME Investment

HAMILTON/NEW YORK: Time Warner’s acquisition of a 31-percent interest in Central European Media Enterprises (CME) for $241.5 million has closed, after the deal was first announced at the end of March.

Time Warner received 19 million newly issued common shares of CME. In connection with the transaction, Time Warner has agreed to allow CME’s founder and non-executive chairman, Ronald S. Lauder, to vote Time Warner’s shares of CME for at least four years, subject to certain exceptions. Lauder has pledged to support Time Warner’s appointment of two of its designees to CME’s board of directors.