Central European Media Enterprises
Central European Media Enterprises Ltd. (CME) is a media and entertainment company that operates television channels in Bulgaria, Czech Republic, Romania, Slovakia and Slovenia. Until its acquisition by PPF Group N.V., the company was listed on NASDAQ and Prague Stock Exchange under the ticker symbol CETV.
|Type||Public (until 2020), Subsidiary (since 2020)|
|Fate||Acquired by PPF Group N.V.|
Prague, Czech Republic
|Christoph Mainusch, Michael Del Nin Co-CEOs,|
David Sturgeon, CFO
|Revenue||US$703.9 million (2018)|
|US$157.6 million (2018)|
Number of employees
|Parent||PPF Group N.V.|
Central European Media Enterprises Ltd. was co-founded by Ronald Lauder and Mark Palmer, in Germany as CEDC GmbH (Central European Development Corporation) in 1991. That same year it changed its name and reincorporated in the Netherlands as Central European Media Enterprises (CME). Objections brought by the Czech Republic over the legal distinguishing of the two corporations were rejected by the International Court of Arbitration of the International Chamber of Commerce as irrelevant. CEDC GmbH's capital interests were all transferred to CME on July 28, 1994. CME moved its headquarters and reincorporated in Bermuda later that year.
In 2008, the company bought in Romania from Adrian Sârbu, former CEO of Pro TV and CME, MediaPro Entertainent, which operated Media Pro Pictures, MediaPro Studios, MediaPro Distribution (later acquired film distributors in the Czech Republic, Slovakia and Hungary), MediaPro Music, ProVideo home video company, (later expanded in Hungary), Cinema Pro and Hollywood Multiplex cinemas. The company sold the Media Pro Entertainment assets in 2013–2015. MediaPro Music was sold to Universal Music Romania and MediaPro Distribution to Vertical Entertainment. The other assets was sold to private investors.
On 23 March 2009, Time Warner (now WarnerMedia) announced that it would invest $241.5 million, for a 31% stake, in CME. Two years later on 3 March 2011, Time Warner bought another 3.1 million shares taking its stake in CME up to 34.4% with around 47 percent of voting rights and a total of 22.1 million shares.
In 2010, CME sold 1+1 television group in Ukraine for US$300 million. In July 2012 CME exercised its put option and Time Warner increased its economic interest in CME to 49.9%. During the second quarter of 2013, Time Warner maintained its 49.9% voting interest during a public offering of CME Class A Shares, and additionally purchased 200,000 shares of Series B Convertible Redeemable Preferred Stock in a private placement.
In 2018, CME sold its television networks in Croatia for €86.4 million.  By October 2019, AT&T have signed agreement to sell WarnerMedia's stake to PPF. The transaction valued at $2.1 billion is subject to shareholder and regulatory approval and due to be completed in 2020.
CME is the broadcast market leader in every country where it has television stations. It started broadcasting its first channel in the Czech Republic in 1994. CME operates 30 television channels broadcasting to approximately 45 million people across 5 countries. CME develops and produces content for its television channels, and its content is also consumed through subscription and advertising VOD. The company also operates 4 radio channels in Bulgaria.
- Pro TV (also broadcast in Republic of Moldova as a simulcast feed)
- Pro 2 (also broadcast in Republic of Moldova as a simulcast feed)
- Pro Cinema
- Pro X
- Pro Gold
- Pro TV Internațional
Board of directorsEdit
- Trey Turner
- Gerhard Zeiler
- John Billock
- Alfred W. Langer
- Parm Sandhu
- Kelli Turner
- "CME Form 10-K filed February 9, 2016" (PDF).
- "History of Central European Media Enterprises Ltd. – FundingUniverse". www.fundinguniverse.com. Retrieved 23 January 2017.
- Desai, M. A.; et al. (2004). "Czech Mate: Expropriation and Investor Protection in a Converging World". ECGI - Working Paper No. 62/2004. European Corporate Governance Institute. 12: 221–251. doi:10.1093/rof/rfl005. S2CID 153620103.
- "Ronald S. Lauder v. The Czech Republic, UNCITRAL" (PDF). italaw. 3 September 2001. p. 18. Retrieved 17 February 2017.
- "Ігор Коломойський розвиватиме Central European Media Enterprises в Центральній і Східній Європі" [Igor Kolomoisky will develop Central European Media Enterprises in Central and Eastern Europe]. newsru.ua (in Ukrainian). 3 September 2007. Archived from the original on 29 November 2014. Retrieved 22 January 2021.
- "Intl Broadcaster CME To Buy Romanian Film Production Co MediaPro Entertainment". seenews.com. Retrieved 19 December 2018.
- "Time Warner Inc. Completes US$241.5 Million Investment for 31% Interest in Central European Media Enterprises Ltd., A Leading Central & Eastern European Media Company".
- Chamonikolas, Krystof. "CME Rallies as Time Warner Buying Shares Shows 'Confidence'". Bloomberg. Retrieved 3 March 2011.
- "CME sells up in Ukraine". broadbandtvnews.com. 20 January 2010. Retrieved 19 December 2018.
- "CME exercises its put option to Time Warner and completes its deleveraging transactions".
- "CME sells Croatian and Slovenian networks for €230m". digitaltveurope.com. 10 July 2017. Retrieved 19 December 2018.
- Littleton, Cynthia (28 October 2019). "AT&T Chief on HBO Max, DirecTV Sale Prospects and John Stankey's Future". Variety. Retrieved 28 October 2019.
- "PPF Signs Agreement to Acquire CME". www.ppf.eu. Retrieved 29 October 2019.
- "Broadcaster CME agrees to be acquired by Czech firm PPF in $2.1 billion deal". Reuters. 27 October 2019. Retrieved 29 October 2019.
- "CME website". CME website.