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SEE-active CME looking into possible sale of part or all of company

Author Mario Tanev
SEE-active CME looking into possible sale of part or all of company Author: espensorvik. License: Creative Commons, Attribution 2.0 Generic.

SOFIA (Bulgaria), March 25 (SeeNews) - International broadcaster Central European Media Enterprises (CME), which is active in Bulgaria, Romania and Slovenia, said on Monday that it has commenced a process to explore and evaluate potential strategic alternatives, including a possible sale of part or all of the company.

"The Board of Directors has formed a Special Committee comprised of independent directors to lead the process of reviewing the various strategic alternatives available. These may include, among other things, the sale of part or all of the company, a merger with another strategic partner, a recapitalization, or continuing to execute on CME’s long-term business plan," CME said in a statement.

CME’s largest shareholder - American conglomerate AT&T, supports CME’s plan to review strategic alternatives, the broadcaster said.

"The company continues to successfully execute on its long-term plan and a simultaneous evaluation of other appropriate strategic alternatives presents a complementary path to identify the best way to maximize value for all of CME’s shareholders," John Billock, chairman of CME, said.

There can be no assurance that the exploration of any strategic alternatives will result in a transaction, the company noted, adding that no timetable has been set for the process.

CME is being advised by Allen & Company LLC and BofA Merrill Lynch as its financial advisors, and Covington & Burling LLP as its legal advisor.

CME's portfolio includes TV channels bTV, bTV Cinema, bTV Comedy, bTV Action, bTV Lady and Ring in Bulgaria, PRO TV, PRO 2, PRO X, PRO GOLD, PRO CINEMA, PRO TV International and PRO TV Chisinau in Romania, and POP TV, Kanal A, Brio, Oto and Kino in Slovenia.