July 20 (SeeNews) - International broadcaster Central European Media Enterprises (CME) agreed to extend the deadline for the closing of the sale of its Slovenian business POP TV to United Group to September 13, CME said.
CME and United Group continue working to satisfy the applicable closing conditions, the company said in a statement on Thursday.
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The agreement to sell the operations in Slovenia for 145 million euro ($169 million) plus any working capital adjustment, remains subject to certain closing conditions, including receipt of Slovenian regulatory approvals by United Group, CME said.
"We continue to cooperate with regulators in Slovenia to complete the sale of our operations there, and will use the proceeds expected on completion of that sale to reduce borrowings even further," the Co-Chief Executive Officer of CME, Michael Del Nin, said.
In July last year, CME said it agreed to sell POP TV to Slovenia Broadband, a subsidiary of United Group, and that the transaction was expected to close by the end of 2017.
CME is a media and entertainment company operating leading businesses in six Central and Eastern European markets with an aggregate population of approximately 50 million people. It currently broadcasts 36 television channels in Bulgaria, Croatia, the Czech Republic, Romania, Slovakia and Slovenia.
Slovenia Broadband is an international holding structure managing various companies in Central and Eastern Europe.
($ = 0.85821 euro)