Time Warner Completes $241.5M Deal For 31% In Broadcaster CME

May 18, 2009 Cristina Blanaru Media

U.S. media group Time Warner Inc. on Monday said it completed a $241.1 million deal for a 31% stake in Central European Media Enterprises (CME), owner of Romania’s media trust PRO TV.

Under the deal, Time Warner received 19 million newly issued common shares of CME, consisting of 14.5 million shares of class A stock at $12 per share and 4.5 million shares of class B stock at $15.

Time Warner will also get two seats on CME’s board.

The info was posted on CME and Time Warner sites.