Time Warner Inc., said Monday that it has completed its previously announced investment in Central European Media Enterprises.
Time Warner announced the deal in March.
In exchange for $241.5 million in cash, Time Warner received 19 million newly issued shares of CME, consisting of 14.5 million Class A common shares priced at $12 each and 4.5 million Class B super-voting shares priced at $15 each, Together, the shares represent a 31% interest in CME.
As part of the deal, CME founder and non-executive chairman Ronald Lauder will vote Time Warner's shares for at least four years, subject to certain exceptions. Lauder has also pledged his support to Time Warner's appointment of two of its designess to CME's board of directors.
CME is a broadcasting company operating networks in seven Central European and Eastern European countries. CME's television stations are located in Bulgaria (TV2 and Ring TV), Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema and NovaSport), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (Markíza), Slovenia (POP TV, Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International and Kino).