Central European Media Enterprises (CME) says it has sold 200,000 of its newly designated Series B Convertible/Redeemable Preferred shares to a Time Warner subsidiary for $200 million.

The proceeds from this sale, plus an additional $100 million of net proceeds from CME’s IPO in May, will be used to fund the buy-back of CME’s outstanding 11.625 per cent senior notes due 2016.

CME operates in Central and Eastern Europe, owing TV operations in six countries.

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