HAMILTON, Bermuda, July 3, 2012 (GLOBE NEWSWIRE) -- Central European Media Enterprises Ltd. ("CME" or the "Company") announced today that it has completed the exercise of its put option under the Equity Commitment Agreement between CME and Time Warner Media Holdings B.V. ("TW") dated April 30, 2012 and repaid all amounts outstanding under the Term Loan Facilities Credit Agreement between the Company and Time Warner Inc. ("Time Warner") dated April 30, 2012. In connection with the exercise of this put, CME has issued approximately 875 thousand Class A shares to TW, an affiliate of Time Warner, as well as one share of a newly designated Series A convertible preferred stock for an aggregate consideration of approximately $90.8 million and applied this toward repayment of the outstanding loans. This preferred share will be convertible into approximately 11.2 million Class A Shares following the termination of the voting agreement with RSL Capital LLC, an affiliate of CME's Non-Executive Chairman, Mr. Ronald S. Lauder. As a result of these shares issuances, TW has increased its economic interest in CME to 49.9%.
About CME
CME is a media and entertainment company operating leading businesses in six Central and Eastern European markets with an aggregate population of approximately 50 million people. CME's broadcast operations are located in Bulgaria (bTV, bTV Cinema, bTV Comedy, bTV Action, bTV Lady and Ring.bg), Croatia (Nova TV, Doma and Nova World), the Czech Republic (TV Nova, Nova Cinema, Nova Sport and MTV Czech), Romania (PRO TV, PRO TV International, Acasa, Acasa Gold, PRO Cinema, Sport.ro, MTV Romania and PRO TV Chisinau Moldova), the Slovak Republic (TV Markíza and Doma) and Slovenia (POP TV, Kanal A and the POP NON STOP subscription package). CME's broadcast operations are supported by its content and distribution division, Media Pro Entertainment, as well as its New Media division, which operates Voyo, the pan-regional video-on-demand service. CME is traded on the NASDAQ Global Select Market and the Prague Stock Exchange under the ticker symbol "CETV".