Central European Media Enterprises, which owns a portfolio of TV stations covering Central and Eastern Europe, has confirmed it will sell 54.4 million of Class A shares in its IPO. The shares will price at $2.75.

The offering is expected to close this week on May 8th.

CME has also granted the sole underwriter (bankers JP Morgan) a further batch of 5.4 million shares if demand exceeds supply.

Time Warner, CME’s largest existing shareholder, will take up its pre-emptive rghts to acquire 49.9 per cent of the share offering to maintain its equity stake in CME.

However, subsequent to the float, CME will sell 200 million Class B shares in a private sale. Additionally, CME says it intends to use $300 million of the proceeds to pay down its 11.625 per cent notes due for redemption in 2016.  The balance of the funds raised will be used for general corporate purposes.

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