Central European Media Enterprises Announces the Closing of its Rights Offering and Refinancing of its 2016 Notes May 2, 2014, Hamilton, Bermuda Central European Media Enterprises Ltd. ( CME or the Company ) (NASDAQ/Prague Stock Exchange: CETV) reported that the previously announced rights offering closed today. Shareholders purchased 2,852,168 units in the rights offering, which includes the purchase by Time Warner Media Holdings B.V. (together with Time Warner Inc., Time Warner ) of 2,229,644 units as committed by it under a standby purchase agreement. The remaining 566,299 units not subscribed for in the rights offering were purchased by Time Warner as part of their backstop purchase commitment. Time Warner also purchased 581,533 units in a separate private placement that closed concurrently with the rights offering. Also concurrently with the closing of the rights offering and pursuant to the term loan facility agreement between CME and Time Warner, Time Warner funded a loan to CME in the aggregate principal amount of $30.0 million that matures on December 1, 2017.
Pursuant to the rights offering, backstop purchase commitment and private placement, CME issued $400.0 million in aggregate original principal amount of 15.0% senior secured notes due 2017 and unit warrants to purchase an aggregate of 84,000,000 shares of its Class A Common Stock at an exercise price of $1.00 per share. CME applied net proceeds from these transactions of approximately $386.2 million and a portion of the $30.0 million term loan to redeem and discharge today the EUR 272,972,000 aggregate principal amount of its 11.625% senior notes due 2016.
In connection with these transactions, CME issued warrants to Time Warner to purchase an aggregate of 30.0 million shares of Class A Common Stock at an exercise price of $1.00 per share. Time Warner and CME also entered into a $115.0 million senior secured revolving credit facility agreement. Following the closing of these transactions, Time Warner's economic ownership in the Company is approximately 75.1% (after giving effect to the accretion of the Series B Convertible Preferred Stock through May 2, 2014).
In a joint statement Michael Del Nin and Christoph Mainusch, Co-Chief Executive Officers of CME, said: We are very appreciative of the continued support demonstrated by Time Warner and our other shareholders. We are pleased with the results of the rights offering and the other financing transactions and believe that CME is now on much better footing as we work to continue building the value of our leading brands.
Jeff Bewkes, Chairman and Chief Executive Officer of Time Warner, said: We are pleased that with our additional investment in the Company, CME's management can focus on executing its strategy across all of their core markets. We have full confidence in the management team to execute on its operational priorities.
About CME
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. CME broadcasts a total of 35 television channels in Bulgaria (bTV, bTV Cinema, bTV Comedy, bTV Action, bTV Lady, bTV Lady+1, Ring.bg and Ring.bg+1), Croatia (Nova TV, Doma, Nova World and MiniTV), the Czech Republic (TV Nova, Nova Cinema, Nova Sport, Fanda, Smichov and Telka), Romania (PRO TV, PRO TV International, Acasa, Acasa Gold, PRO Cinema, Sport.ro, MTV Romania, PRO TV Chisinau and Acasa in Moldova), the Slovak Republic (TV Mark za, Doma and Dajto), and Slovenia (POP TV, Kanal A, Brio, Oto and Kino). CME is traded on the NASDAQ Global Select Market and the Prague Stock Exchange under the ticker symbol "CETV".
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements related to rights offering and related financing transactions with Time Warner and the estimated net proceeds from the rights offering, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as may, will, should, expects, intends, plans, anticipates, believes, estimates, predicts, or potential or the negative of these words and phrases or similar words or phrases, which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect CME's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. Furthermore, CME disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, new information or other changes. Known material risks, uncertainties and other factors that can affect future results are discussed or incorporated by reference in the registration statement and periodic reports under the Securities Exchange Act of 1934, as amended, filed by CME from time to time with the Securities and Exchange Commission.
For additional information, please contact:
Mark Kobal
Head of Investor Relations
Central European Media Enterprises
Krizeneckeho nam. 1078/5
152 00 Praha 5
Czech Republic
+420 242 465 576
mark.kobal@cme.net
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
07/05/2026
Journalists reporting on Sudan are working in one of the most complex and fast-m...
07/05/2026
Multi-year partnership positions Victory+ as a free home for Dallas Cowboys orig...
07/05/2026
From sideline reporting to directing and producing, the talented sophomore is building a well-rounded foundation for a career in live sports production
In the ...
07/05/2026
Cobalt Digital has received two Future Best of Show awards at NAB Show 2026. The COBALT blueCORE platform was recognized by TV Tech, and the COBALT PACIFIC ULL-...
07/05/2026
ESPN analyst Mina Kimes will host the televised semifinals and finals of the 202...
07/05/2026
Bitmovin has announced that MUBI, the global film streaming platform, has selected Bitmovin as its cloud VOD encoding partner. Bitmovin's encoding infrastru...
07/05/2026
NBCUniversal Telemundo Enterprises and the U.S. Soccer Federation have announced...
07/05/2026
Angel City Football Club (ACFC) and Victory have announced a regional broadcast partnership bringing live match coverage to fans across the greater Los Angeles...
07/05/2026
Spiideo has announced the launch of AI Highlights inside Spiideo Play, its automated sports production platform. AI Highlights combines video, event data, audio...
07/05/2026
Leostream Corporation has announced a unified remote access ecosystem for high-p...
07/05/2026
The Atlanta Dream has partnered with Victory to stream all locally broadcast Dream games for free, expanding the team's digital distribution strategy and g...
07/05/2026
Riedel Communications has announced the appointment of Marc Engroff as Chief Fin...
07/05/2026
SES and ARD, Germany's largest public broadcasting network, have announced a long-term extension of their satellite distribution partnership through 2039. U...
07/05/2026
UpLight Technologies delivers a flexible video and lighting system for a new televised sportLaunching the Pro Cheer League required more than creating a compell...
07/05/2026
Full Day Productions and GSE Worldwide have announced Spikes Under the Lights, a...
07/05/2026
Seit dem Start im Jahr 2023 hat DJ (Beta) das personalisierte H rerlebnis von 94...
07/05/2026
Da quando stata presentata nel 2023, DJ (beta) ha aiutato a definire un'esperienza d'ascolto pi personalizzata per 94 milioni di utenti Spotify Premi...
07/05/2026
Since launching in 2023, DJ (beta) has helped shape a more personalized listenin...
07/05/2026
Desde o lan amento em 2023, o DJ (beta) j ajudou a deixar a experi ncia de ouvi...
07/05/2026
From our earliest days, Spotify has been built on a simple principle: Great audio should be easy to reach. It's what's driven us to expand from music to...
07/05/2026
Asian and Pacific Islander artists continue to shape the global soundscape, pushing creative boundaries and connecting with fans worldwide. This Asian & Pacific...
07/05/2026
Company announce long-requested choir instrument
In the latest expansion of their Symphonic Elements series, UJAM have introduced an all-new vocal instrumen...
07/05/2026
Modular-inspired sound generation with digital control
Buchla have introduced Ziggy, a new compact synthesizer built around the company's complex oscill...
07/05/2026
Combines analogue voices with digital synthesis and sequencing
Polyend have announced Drums, a new hybrid analogue and digital drum machine that combines sy...
07/05/2026
Control surface now officially supports four DAWs
When Nektar launched the Panorama CS12 control surface, it worked exclusively with Apple's Logic Pro, ...
07/05/2026
In the first quarter 2026, SGL Carbon generated consolidated sales of 184.5 million, which was 49.8 million, or 21.3%, lower than in the prior year (Q1 2025: ...
07/05/2026
Rohde & Schwarz and Greenerwave achieve precise and fast ESA antenna characteriz...
07/05/2026
Two multi-role L3Harris products - the Red Wolf launched effects vehicle and SK...
07/05/2026
L3Harris will be developing key features of a secure and resilient digital infra...
07/05/2026
Alysa Liu and Shohei Ohtani Help Drive Viewership as 91 of the Top 100 Broadcast...
07/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
07/05/2026
Cobalt Digital Wins Two Future Best of Show Awards at 2026 NAB Show
Manufacturer Recognized by TV Tech and TVBEurope for Innovation in signal processing
Cobal...
07/05/2026
Software and hardware platforms, AI power and user-friendliness on show...
07/05/2026
Intinor will demonstrate its latest technical enhancements for the Direkt series at BroadcastAsia 2026. With a continued focus on reliable contribution and remo...
07/05/2026
Bitmovin has announced that MUBI has chosen Bitmovin as its cloud VOD encoding partner, replacing MUBI's legacy on premises encoding setup to improve scalab...
07/05/2026
Meet Graduates from Berklees Class of 2026 Members of this years graduating class reflect on their proudest moments at Berklee and look ahead to whats next.
...
07/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
07/05/2026
At BroadcastAsia 2026, Interra Systems will demonstrate its latest innovations in automated quality control (QC), real-time monitoring, and captioning. The comp...
07/05/2026
At this year's Broadcast Asia, PlayBox Neo is set to unveil recent innovations across its PlayBox Neo Suite and integrated range of broadcast media solution...
07/05/2026
Strategic three-year partnership marks delivery phase of BFBS' next-generation media vision
Media organisation and military charity BFBS (British Forces Br...
07/05/2026
Amagi, the agentic industry cloud platform for unified broadcast, streaming, and monetization, today announced the availability of its In-Content Ads offering v...
07/05/2026
Lightware Visual Engineering has developed Rack Taurus for rack-based environments such as education and corporate training spaces. It enables clean and simple ...
07/05/2026
Jigsaw24, the UK's leading media equipment supplier and systems integrator, will showcase its expanded end-to-end workflow capabilities at MPTS 2026, signal...
07/05/2026
Ease Live, an Evertz company, today announced that it has been granted a US Patent for its proprietary graphical overlay technology, the foundation for interact...
07/05/2026
Test & measurement innovator Leader Electronics of Europe will present an extensive range of Leader, PHABRIX and LeaderPhabrix test and measurement solutions at...
Central European Media Enterprises Announces the Closing of its Rights Offering and Refinancing of its 2016 Notes May 2, 2014, Hamilton, Bermuda Central European Media Enterprises Ltd. ( CME or the Company ) (NASDAQ/Prague Stock Exchange: CETV) reported that the previously announced rights offering closed today. Shareholders purchased 2,852,168 units in the rights offering, which includes the purchase by Time Warner Media Holdings B.V. (together with Time Warner Inc., Time Warner ) of 2,229,644 units as committed by it under a standby purchase agreement. The remaining 566,299 units not subscribed for in the rights offering were purchased by Time Warner as part of their backstop purchase commitment. Time Warner also purchased 581,533 units in a separate private placement that closed concurrently with the rights offering. Also concurrently with the closing of the rights offering and pursuant to the term loan facility agreement between CME and Time Warner, Time Warner funded a loan to CME in the aggregate principal amount of $30.0 million that matures on December 1, 2017. 
