Broadcaster CME completes sale of preferred stock to Time Warner
PRAGUE, June 26
PRAGUE, June 26 (Reuters) - Central European Media Enterprises (CME) has completed the sale of 200,000 shares of new convertible class B preferred stock for $200 million to shareholder Time Warner as part of a plan to reduce debt.
Broadcaster CME said in a statement late on Tuesday it would use the sale proceeds, along with $100 million raised in a public share offering in May, to repurchase a portion of outstanding 11.625 percent senior notes that come due in 2016.
CME is looking to cut its debt load of $1 billion amid falling advertising revenue.
Time Warner owns 49.9 percent of CME, which operates Czech commercial station TV Nova and Slovak station TV Markiza and has businesses in Bulgaria, Croatia, Romania and Slovenia.