Central European Media Enterprises (CME) has announced the closing of the sale of approximately 9.9 million shares of the Company’s Class A common stock to Time Warner Media, and 2 million shares of Class A common stock to RSL Capital LLC, an affiliate of CME’s Non-Executive Chairman, Ronald Lauder, all at a purchase price per share of $7.51.

In connection with the closing of these transactions, Time Warner 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 for no additional consideration.  As a result of the transaction, TW increased its ownership in CME to 40 per cent on a diluted basis.

Adrian Sarbu, 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.”

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