Central European Media Enterprises Welcomes $100 Million Investment by Igor Kolomoisky in Ukraine...

HAMILTON, Bermuda, July 2 /PRNewswire-FirstCall/ -- Central European Media Enterprises Ltd. ("CME") (NASDAQ/Prague Stock Exchange: CETV) announced today that it has entered into an agreement with Igor Kolomoisky, a prominent Ukrainian businessman and CME shareholder and Director. Following an injection of $100 million in cash and the contribution of 100% of the TET TV channel into Studio 1+1 Group, Mr. Kolomoisky will become a 49% shareholder in CME's Ukrainian operations. The transaction is expected to close by the end of the third quarter of 2009, subject to receipt of regulatory approvals. The $100 million cash investment will be used to finance the activities of Studio 1+1, Kino and TET. The addition of the TET TV will enhance CME's multichannel strategy in Ukraine. Mr. Kolomoisky has also granted CME a put option to sell... [read full story]                    

powered by