PRAGUE, June 26 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.