Central European Media Enterprises Enters Bulgaria

29.07.08 - 13:59 ... source : CME

... July 28, 2008, Hamilton, Bermuda Continues Its Eastern European Expansion Acquires 80% Interest in TV2 and Ring TV Central European Media Enterprises Ltd. ("CME") (Nasdaq/Prague Stock Exchange: CETV) today announced that it has entered into agreements to acquire from Top Tone Media Holdings Limited an 80% interest in two Bulgarian television channels: the TV2 channel, a national terrestrial network launched in November 2007, and Ring TV, a sports cable channel. Total consideration for the 80% interest, which is payable in cash, is expected to be approximately US$172 million, before adjustment for debt and working capital as well as a holdback to cover potential undisclosed liabilities. Closing is expected to occur within two weeks. In connection with this acquisition, CME will also enter into a consulting agreement with Krassimir Guergov, a well know media entrepreneur in Bulgaria who will continue to provide his expertise a ...» Next (HTML)