×
You will be redirected back to your article in seconds

Time Warner-Backed CME Offloads Nova, Pop Channels for $262.5 Million

CME has sold its TV channels in Croatia and Slovenia for $262.5 million. Time Warner-backed CME, which operates channels throughout the Central and Eastern European region, offloaded Nova TV and Pop TV to Slovenia Broadband, which is ultimately majority-owned by U.S. private equity outfit KKR.

CME said it would use the proceeds from the sales to pay off an upcoming loan, reducing its overall debt load and saving $30 million a year in interest payments.

“This represents a transformational moment in the history of CME,” said CME Co-CEO Michael Del Nin. “We have always had a great set of assets, and this transaction underscores the enduring attractiveness of broadcasters in the region. It also moves us significantly closer to our long-held goal of establishing a more appropriate leverage profile for our operations.”

Christoph Mainusch, CME’s other co-CEO, added: “We are firm believers in the importance of television as a medium, and plan to continue operating television stations with scale in a more focused footprint of our largest markets.”

Croatia and Slovenia are the two smallest markets for CME, whose largest operations are in Czech Republic and Romania. Nova in Croatia registered year-on-year revenue and profit losses in the company’s latest results, for the quarter ending March 31, while revenue edged up at Pop in Slovenia. That came against a background of an overall revenue and profit increase at CME for the quarter, which said advertising revenue was up 9% across its footprint.

Time Warner has a 75% stake in CME and a 46.7% voting interest. It has upped its share in the company since first buying in, in 2009. The Nova and Pop deal needs regulatory approval and is expected to close by end-2017, CME said.

More TV

  • Bohemian Rhapsody

    'Bohemian Rhapsody,' 'Marvelous Mrs. Maisel' Among Cinema Audio Society Winners

    Queen biopic “Bohemian Rhapsody” won the Cinema Audio Society’s top prize for sound mixing at Saturday night’s 55th annual CAS Awards. The film is Oscar-nominated for sound mixing this year along with “Black Panther,” “First Man,” “Roma” and “A Star Is Born.” In a surprise over heavy-hitters “Incredibles 2” and “Spider-Man: Into the Spider-Verse,” Wes [...]

  • Marvelous Mrs Maisel Vice

    'Vice,' 'The Marvelous Mrs. Maisel' Lead Make-Up and Hair Stylists Guild Awards Winners

    Adam McKay’s Dick Cheney biopic “Vice,” starring Oscar nominees Christian Bale, Amy Adams and Sam Rockwell, won two awards at the sixth annual Make-Up and Hair Stylists Guild Awards Saturday night. The film won for best period and/or character makeup as well as special makeup effects. “Mary Queen of Scots” received the prize for period [...]

  • Jussie Smollett Good Morning America

    Jussie Smollett Angrily Denies Complicity in Attack

    Attorneys for “Empire” actor Jussie Smollett issued a statement Saturday denying that he orchestrated his Jan. 29 assault, and saying he is “angered” and “devastated” by recent developments in the case. Chicago police want to interview Smollett, after learning new evidence from two Nigerian brothers who were released on Friday night. Local media outlets have [...]

  • Jussie Smollett Empire

    Chicago Police Want to Talk to Jussie Smollett as New Evidence Emerges

    Chicago police are seeking to re-interview “Empire” actor Jussie Smollett, after new evidence emerged in his alleged assault. Smollett has claimed that two men attacked him at 2 a.m. on Jan. 29, yelled racial and homophobic slurs, poured bleach on him, and put a noose around his neck. The Chicago Police Department has consistently said [...]

  • Five Takes on Canal Plus, Federation’s

    Just Days Left to Catch Canal Plus’ ‘The Bureau’ on MyFFF

    The most lauded of titles on this year’s MyFrenchFilmFestival, UniFrance’s online showcase featured by over 50 OTT services around the world, may not be a film but a drama series. With four seasons aired, and a milestone in world sales on a French TV show, slow-boiling espionage series ‘Le Bureau des légendes’ (“The Bureau”) is [...]

  • Walt Disney Archives Founder Dave Smith

    Walt Disney Archives Founder Dave Smith Dies at 78

    Walt Disney Archives founder Dave Smith, the historian who spent 40 years cataloging and preserving the company’s legacy of entertainment and innovation, died Friday in Burbank, Calif. He was 78. Smith served as Disney’s chief archivist from 1970 to 2010. He was named a Disney Legend in 2007 and served as a consultant to the [...]

More From Our Brands

Access exclusive content