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HAMILTON, Bermuda, June 25, 2013 (GLOBE NEWSWIRE) -- Central European Media Enterprises Ltd. ("CME") (Nasdaq:CETV) (Prague Stock Exchange:CETV) announced today the closing of the sale of 200,000 shares of its newly designated Series B Convertible Redeemable Preferred Stock, par value $0.08 per share, to Time Warner Media Holdings B.V., an affiliate of Time Warner Inc., for aggregate consideration of US$ 200 million. The proceeds of this private placement, along with US$ 100 million of net proceeds from CME's public offering completed in May 2013, will be used to fund the repurchase or redemption of a portion of CME's outstanding 11.625% senior notes due 2016.
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 broadcasts television channels 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, Fanda, Smichov, Telka and MTV Czech), Romania (PRO TV, PRO TV International, Acasa, Acasa Gold, PRO Cinema, Sport.ro, MTV Romania and PRO TV Chisinau and Acasa Moldova), the Slovak Republic (TV Markíza, Doma, Dajto and Fooor), and Slovenia (POP TV, Kanal A, BRIO, OTO and KINO). CME also 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".
CONTACT: For further information, please contact:
Chief Financial Officer
Central European Media Enterprises
+420 242 465 525