Type Public Industry Media Headquarters Hamilton, Bermuda Revenue 638 million USD (2016) | Traded as NASDAQ: CETV
PSE: CETV Owner Time Warner (42.8%). Founded 1991 | |
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Key people Christoph Mainusch & Michael Del Nin (Co-CEOs),
David Sturgeon, CFO Products Television broadcasting; content production; New Media Stock price CETV (NASDAQ) US$ 3.10 0.00 (0.00%)7 Mar, 4:00 PM GMT-5 - Disclaimer Subsidiaries TV Nova, Nova TV d.d., CET 21 spol. s r.o. Founders Ronald Lauder, Mark Palmer Profiles | ||
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.
Contents
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.
Second reincorporation
CEDC GmbH's capital interests were all transfered to CME on July the 28th, 1994. CME moved its headquarters and reincorporated in Bermuda later that year.
Operations
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.
Key shareholders
On 23 March 2009, Time Warner announced that it would invest $241.5 million, for a 31% stake, in CME.
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.