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CME secures 60 percent ownership of Ukrainian broadcaster

2007-09-05

Central European Media Enterprises Ltd. (www.cetv-net.com), which operates TV networks in six Central and East European countries, announced it has secured a 60% ownership in Ukraine's Studio 1+1, completing a process that lasted two years.

CME completed the registration of a 42% direct ownership interest in Studio 1+1 LLC via a Ukrainian subsidiary company. Studio 1+1 LLC is the license company of the Studio 1+1 Group. With its existing 18% indirect ownership, CMW now controls the Studio 1+1 broadcasting licenses.

"We believe that this change should allow us to exercise greater influence over the station management, allow CME to create stronger synergies among CME media assets in Ukraine and further improve our overall Ukrainian operations," CEO Michael Garin said in a statement Sept. 4.

The statement by the Bermuda-based CME marks the completion of a process begun nearly two years ago and follows last week's announcement that Ukrainian businessman Igor Kolomoisky has invested $110 million (€80.7 million) to acquire an interest in CME. Last year Kolomoisky won a court decision that ruled he was entitled to a 70% interest in Studio 1+1 LLC.

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