Central European Media (CETV) Announces $100M Investment By Igor Kolomoisky in Ukraine
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Central European Media Enterprises Ltd. (NASDAQ: CETV) 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 its 51% interest to him for a price of $300 million in cash. The put option can be exercised for one year from the closing of the transaction.
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