Lauder's company pays $400 million
LONDON — Ronald Lauder’s Central European Media Enterprises has completed its acquisition of News Corp.’s Bulgarian bTV Group in a $400 million deal.
The group includes Bulgaria’s free-to-air commercial TV channel, as well as the bTV Cinema and bTV Comedy cable channels and several radio stations.
CME also paid $13 million for a working capital adjustment.
The deal comes three months after CME sold its Ukrainian operations for $300 million and is part of a strategic repositioning of the company, which runs a stable of television and media operations in Central and Eastern Europe.
CME prexy and CEO Adrian Sarbu said, “The acquisition of the bTV group is a milestone for CME. We have now reset our business as a vertically integrated media and entertainment operation focused on Central and Eastern Europe.”