Central European Media Enterprises
|Traded as||NASDAQ: CETV
London, United Kingdom CME Media Services Limited
CME Media Enterprises BV Prague, Czech Republic CME Media Services Limited
|Christoph Mainusch & Michael Del Nin (Co-CEOs),
David Sturgeon, CFO
|Products||Television broadcasting; content production; New Media|
|Revenue||$638 million (2016)|
|Owner||Time Warner (42.8%).|
Number of employees
|2,950¹ at 31 December 2016|
Central European Media Enterprises Ltd. (CME) is a Bermudan media and entertainment company operating in Central and Eastern Europe. A precursor to CME, Central European Development Corporation, was co-founded by Ronald Lauder and Mark Palmer in 1991. It was incorporated as CME in the Netherlands in 1991 and reincorporated when it changed its headquarters to Bermuda in 1994. The business is managed on a geographical basis, with six operating segments, Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic and Slovenia, which are also the main operating countries. The company is listed on NASDAQ and Prague Stock Exchange under the ticker symbol CETV.
Founding and reincorporation
Central European Media Enterprises Ltd. was originally incorporated 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.
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 36 television channels broadcasting to approximately 50 million people across its six markets. CME develops and produces content for its television channels, and its content is also consumed through subscription- and advertising-based platforms.
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 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.
During a rights offering and private placement in 2014, Time Warner increased its economic ownership on a diluted basis to approximately 75%.
International financier Raymond Staples through his global investment firm, TMP Holdings, Inc. was one of the early investors in CETV stock.
CME Board of Directors
- "CME Form 10-K filed February 9, 2016" (PDF).
- "History of Central European Media Enterprises Ltd. – FundingUniverse". www.fundinguniverse.com. Retrieved 2017-01-23.
- Desai, M. A.; et al. (2004). "Czech Mate: Expropriation and Investor Protection in a Converging World" (PDF). ECGI - Working Paper No. 62/2004. European Corporate Governance Institute: Page 10. – via Semantic Scholar.
- Desai, M. A.; et al. (2004). "Czech Mate: Expropriation and Investor Protection in a Converging World" (PDF). ECGI - Working Paper No. 62/2004. European Corporate Governance Institute: Page 13. – via Semantic Scholar.
- "Ronald S. Lauder v. The Czech Republic, UNCITRAL" (PDF). italaw. September 3, 2001. p. 18. Retrieved February 17, 2017.
- "CME website". CME website.
- "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 exercises its put option to Time Warner and completes its deleveraging transactions".