Time Warner buys into leading local TV channel
April 2009 - From the Print Edition
US-owned media empire Time Warner has bought 31 per cent of Central European Media Enterprise (CME) for about 177 million Euro. CME owns the Romanian TV station with the highest share of the market, Pro TV, as well as Pro TV International, Acasa, Pro Cinema, Sport.ro and MTV Romania. CME is still majority owned by US businessman Ron Lauder and also holds TV stations in Bulgaria, Croatia, Czech Republic, Slovakia, Slovenia and Ukraine. Time Warner, which owns TV channel CNN, and CME plan to launch niche television channels in current CME territories. The Romanian businessman behind the development of Pro TV, Adrian Sarbu, retains ownership of five per cent of the Pro TV Group.
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