Time Warner Ups Holdings in CME

HAMILTON: Time Warner has shelled out $89 million to increase its ownership in Central European Media Enterprises (CME) to 40 percent.

CME sold 9.9 million shares of Class A common stock to Time Warner Media Holdings, and 2 million shares to RSL Capital, an affiliate of Ronald Lauder, CME’s non-executive chairman. Time Warner Media Holdings and Lauder have converted all their shares of Class B common stock into shares of Class A common stock on a one-for-one basis. Time Warner increased its ownership to 40 percent.

Adrian Sarbu, the president and CEO of CME, commented: “The continued support from our major shareholders during volatile market conditions allows us to proceed with achieving our targets of reducing our leverage and interest costs.”