Central European Media Enterprises

Central European Media Enterprises Ltd.
Traded as NASDAQ: CETV
Industry Media
Founded 1991
Headquarters Hamilton, Bermuda
London, United Kingdom CME Media Services Limited
Amsterdam, Netherlands
CME Media Enterprises BV Prague, Czech Republic CME Media Services Limited
Key people
Christoph Mainusch & Michael Del Nin (Co-CEOs),
David Sturgeon, CFO
Products Television broadcasting; content production; New Media
Revenue $638 million (2016)
Owner AT&T (75%)[1]
Number of employees
2,950¹ at 31 December 2016
Website Official website

Central European Media Enterprises Ltd. (CME) is a Bermudan media and entertainment company operating in Central and Eastern Europe and owned by AT&T. A precursor to CME, Central European Development Corporation, was co-founded by Ronald Lauder and Mark Palmer in 1991.[2] It was incorporated as CME in the Netherlands in 1991 and reincorporated when it changed its headquarters to Bermuda in 1994.[3][4] The business is managed on a geographical basis, with continuing operations in four operating segments, Bulgaria, the Czech Republic, Romania and the Slovak Republic, which are also the main operating countries. The company is listed on NASDAQ and Prague Stock Exchange under the ticker symbol CETV.[5]


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[3] 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.[3]

Second reincorporation

CEDC GmbH's capital interests were all transferred to CME on July the 28th, 1994.[6] CME moved its headquarters and reincorporated in Bermuda later that year.[4]


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 29 television channels broadcasting to more than 40 million people across its four markets. CME develops and produces content for its television channels, and its content is also consumed through subscription- and advertising-based platforms.[7]

Key shareholders

On 23 March 2009, Time Warner (now WarnerMedia) announced that it would invest $241.5 million, for a 31% stake, in CME.[8]

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.[9]

In July 2012 CME exercised its put option and Time Warner increased its economic interest in CME to 49.9%.[10]

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 stations

CME Board of Directors

See also


  1. https://www.cetv-net.com/investors/equity/equity-structure/default.aspx
  2. "History of Central European Media Enterprises Ltd. – FundingUniverse". www.fundinguniverse.com. Retrieved 2017-01-23.
  3. 1 2 3 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.
  4. 1 2 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.
  5. "CME Form 10-K filed February 9, 2016" (PDF).
  6. "Ronald S. Lauder v. The Czech Republic, UNCITRAL" (PDF). italaw. September 3, 2001. p. 18. Retrieved February 17, 2017.
  7. "CME website". CME website.
  8. "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".
  9. Chamonikolas, Krystof. "CME Rallies as Time Warner Buying Shares Shows 'Confidence'". Bloomberg. Retrieved 3 March 2011.
  10. "CME exercises its put option to Time Warner and completes its deleveraging transactions".
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