Vasil Kisil & Partners advises Central European Media Enterprises Ltd. on Joint Venture with Mr. Igor Kolomoisky
On July 2, 2009 Central European Media Enterprises Ltd. (CME) officially announced the entering into an agreement with Mr. Igor Kolomoisky. Following the injection of $100 mln in cash and contribution of 100% of TET channel into Studio 1+1 Group, Mr. Igor 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.
CME is a broadcasting company operating leading networks in seven Central and Eastern European countries with an aggregate population of approximately 97 million people. CME’s television stations are located in Bulgaria (Pro.bg and Ring.bg), Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema and Nova Sport), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV Markíza), Slovenia (POP TV and Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International and Kino). CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol “CETV”.
TET TV has been operating in Ukraine since 1994. It has a technical reach of 92% and an all-day audience share of about 2% in Q1 2009 in its 18 - 54 target demographic group. TET TV holds a satellite broadcasting license, eight terrestrial broadcasting licenses and two radio broadcasting licenses. According to unaudited figures provided by the management of the TET TV channel, it had revenues of approximately $12 million in 2008.