Central European Media Enterprises

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Central European Media Enterprises Ltd.
Russell 2000 Component
HeadquartersHamilton, Bermuda
Amsterdam, Netherlands
Prague, Czech Republic
Key people
Christoph Mainusch, Michael Del Nin Co-CEOs,
David Sturgeon, CFO
ProductsTelevision broadcasting
Television production
RevenueIncrease US$574 million (2017)[1]
Increase US$49.8 million (2017)[2]
OwnerWarnerMedia (AT&T) (75%)[3]
Number of employees
2,950 (2017)
ParentTurner Broadcasting System

Central European Media Enterprises Ltd. (CME) is a media and entertainment company owned by Turner Broadcasting System, a division of AT&T's WarnerMedia, which operates television channels in Bulgaria, Czech Republic, Romania and Slovakia. The company is listed on NASDAQ and Prague Stock Exchange under the ticker symbol CETV.[4]


Central European Media Enterprises Ltd. was co-founded by Ronald Lauder and Mark Palmer, in Germany as CEDC GmbH (Central European Development Corporation) in 1991[5]. 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.[6][7] CEDC GmbH's capital interests were all transferred to CME on July the 28th, 1994.[8] CME moved its headquarters and reincorporated in Bermuda later that year.

In 2008, the company bought in Romania from Adrian Sârbu, former CEO of Pro TV and CFO of CME, MediaPro Entertainent, which operated Media Pro Pictures, MediaPro Studios, MediaPro Distribution (later acquired film distributors in the Czech Republic, Slovakia and Hungary), MediaPro Music, ProVideo home video company, later expanded in Hungary), Cinema Pro and Hollywood Multiplex cinemas.[9] The company sold its assets in 2013-2015. MediaPro Music was sold to Universal Music Romania and MediaPro Distribution to Vertical Entertainment. The other assets was sold to private investors.

In 2010 CME sold 1+1 television group in Ukraine for US$300 million.[10]

In 2017 CME sold its television networks in Croatia and Slovenia for €230 euro million. [11]


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 24 television channels (excluding 2 simulcasts in Moldova) broadcasting to more than 40 million people across 5 countries. CME develops and produces content for its television channels, and its content is also consumed through subscription and advertising VOD.[12] The company also operates 4 radio channels in Bulgaria.

Key shareholders[edit]

On 23 March 2009, Time Warner (now WarnerMedia) announced that it would invest $241.5 million, for a 31% stake, in CME.[13]

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.[14]

In July 2012 CME exercised its put option and Time Warner increased its economic interest in CME to 49.9%.[15]

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%.

Television channels[edit]


Czech Republic



Board of directors[edit]


  • Trey Turner
  • Gerhard Zeiler


  • John Billock
  • Alfred W. Langer
  • Parm Sandhu
  • Kelli Turner

See also[edit]


  1. ^ https://s2.q4cdn.com/384102709/files/doc_presentations/2017/q4/Q4-2017-Investor-Presentation_final.pdf
  2. ^ https://s2.q4cdn.com/384102709/files/doc_presentations/2017/q4/Q4-2017-Investor-Presentation_final.pdf
  3. ^ https://www.cetv-net.com/investors/equity/equity-structure/default.aspx
  4. ^ "CME Form 10-K filed February 9, 2016" (PDF).
  5. ^ "History of Central European Media Enterprises Ltd. – FundingUniverse". www.fundinguniverse.com. Retrieved 2017-01-23.
  6. ^ 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.CS1 maint: Explicit use of et al. (link)
  7. ^ 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.CS1 maint: Explicit use of et al. (link)
  8. ^ "Ronald S. Lauder v. The Czech Republic, UNCITRAL" (PDF). italaw. September 3, 2001. p. 18. Retrieved February 17, 2017.
  9. ^ "Intl Broadcaster CME To Buy Romanian Film Production Co MediaPro Entertainment". seenews.com. Retrieved December 19, 2018.
  10. ^ "CME sells up in Ukraine". broadbandtvnews.com. January 20, 2010. Retrieved December 19, 2018.
  11. ^ "CME sells Croatian and Slovenian networks for €230m". digitaltveurope.com. July 10, 2017. Retrieved December 19, 2018.
  12. ^ "CME website". CME website.
  13. ^ "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".
  14. ^ Chamonikolas, Krystof. "CME Rallies as Time Warner Buying Shares Shows 'Confidence'". Bloomberg. Retrieved 3 March 2011.
  15. ^ "CME exercises its put option to Time Warner and completes its deleveraging transactions".

External links[edit]