ZAGREB Nov 9 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
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.