Kolomoisky to invest in broadcaster CME

PRAGUE, July 3 (Reuters) - Ukrainian businessman Igor
Kolomoisky has agreed to provide a $100 million cash injection
into the Ukrainian operations of Central European Media
Enterprises (CETV.O) (CME).

Kolomoisky also agreed to merge his and media group CME's TV
channels in the ex-Soviet country, TET TV and Studio 1+1, CME
said in a statement on Thursday.

In exchange, Kolomoisky, a CME shareholder and a member of
its board, will get a 49 percent stake in its Ukrainian
business.

Kolomoisky has also granted CME a put option to sell its 51
percent stake to him for $300 million. The put option can be
excercised within a year of completion of the transaction.

CME, which operates in seven central and eastern European
countries including the Czech Republic and Romania, has been hit
by lower advertising spending in the economic downturn.

It reported a 37 percent drop in first-quarter revenue and
warned ad spending would continue to decline this year.
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Last month, Time Warner (TWX.N) completed a $241.5 million
investment in Bermuda-registered CME, giving the U.S. group a 31
percent stake.
(Reporting by Jana Mlcochova; Editing by Dan Lalor)