Broadcaster CME may sell Croatian, Slovenian TV stations-report

ZAGREB Fri Nov 9, 2012 5:53am EST

ZAGREB Nov 9 (Reuters) - Central European Media Enterprises (CME) may sell television stations in Croatia and Slovenia as part of a restructuring, a Croatian news server reported without citing sources.

CME said last week after its third-quarter earnings release that is was exploring using new equity financing and asset sales to improve its liquidity.

Business.hr reported it had "learned unofficially" that CME wanted to sell Croatia's Nova TV and its stake in Slovenia's POP TV, and said the targeted price was $150-200 million.

A CME spokeswoman said the report was speculation.

On the earnings call last week, chief executive Adrian Sarbu said the company was in the early stages of evaluating the potential for asset sales.

"We cannot comment any more besides what we said in our Q3 earnings call, and anything that is appearing in the press is pure speculation," CME spokeswoman Maie Crumpton said.

Sources from the Croatian channel also called the report speculation.

CME, which operates television stations in six central and eastern European countries, has cut its revenue and core profit (OIBDA) guidance for 2012, saying it expected a decline in spending in its markets to continue in the fourth quarter.

The company, 49.9 percent owned by Time Warner, expects OIDBA between $130 million and $140 million, and revenue is seen at $750 million to $800 million.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.