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
23/12/2025
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
23/12/2025
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
23/12/2025
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
23/12/2025
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
23/12/2025
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
23/12/2025
Taking the Stage at Carnegie Hall-On a Global Scale Boston Conservatory Orchestra students reflect on their epic concert marking the 80th session of the UN Gene...
22/12/2025
SVG New Sponsor Spotlight: Presidio's Neerav Shah on the Role of Its Captiva...
22/12/2025
Hitting the bullseye: Sky Sports readies itself for the biggest PDC World Darts ...
22/12/2025
Unique skillset: Bringing new directors to the world of darts at The Worlds with...
22/12/2025
Gravity Media prepares for a flight of fancy with the PDC World Darts Championsh...
22/12/2025
One hundred and eighty: Gravity Media on hitting the production bullseye at the ...
22/12/2025
The Famous Group's Jon Slusser on Fascinating Fans Through Immersive Content...
22/12/2025
ESPN's Meg Aronowitz on Continuing High-Quality Broadcasts of Collegiate Spo...
22/12/2025
ESPN Takes Data-Driven Storytelling to New Heights with MNF Playbook with Next ...
22/12/2025
For a decade, popular German podcast Fest & Flauschig has hosted an annual Chris...
22/12/2025
Paramount Scores Largest Share Increase Among Distributors as Paramount and CBS...
22/12/2025
New multi-year deal integrates Roku's data to fuel Nielsen's measurement suite
Roku gains access to Nielsen's streaming ratings, showing The Roku C...
22/12/2025
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
22/12/2025
Berklee Wrapped 2025: Our Top News and Stories A look back at a year highlighted by faculty milestones, major film and television projects, Bob Dylan's ho...
22/12/2025
The works of Plato state that when humans have an experience, some level of change occurs in their brain, which is powered by memory - specifically long-term me...
22/12/2025
Partnership integrates complementary satellite data and AI analytics to enhance security, infrastructure, and environmental monitoring solutions for global cust...
22/12/2025
Workflows allow you to create a sequence of planned events which may be added to your template(s) or inserted directly into your sequential or background playli...
22/12/2025
Monday 22 December 2025
Sky extends PGA TOUR partnership until 2029, as Sky Spo...
22/12/2025
Back to All News
Global Anime Hits and New Releases Take Center Stage at Jump Festa 2026
Entertainment
22 December 2025
GlobalJapan
Link copied to clipboar...
22/12/2025
Siobh n McSweeney, Rory McIlroy, Elon Musk, Catherine Connolly, Jim Gavin, Ivan Yates and Traitor Paudie Moloney lead new characters for Callan Kicks the Year 2...
22/12/2025
Winner announced in the picturesque surroundings of Wicklow's Avondale Tower and Treetop Walk
Andrew Trimble wins the show in his first series as coach
Th...
22/12/2025
The 2025 winners have been announced today, Sunday 21 December, for Ireland's largest choral competition Choirs for Christmas hosted by RT lyric fm.
Ove...
21/12/2025
Back to All News
Legoshi and Haru's Story Reaches Its Finale: BEASTARS Fin...
21/12/2025
John Shortt named Young Sportsperson of the Year Kerry are the Team of the Year
...
20/12/2025
Atomos announced the immediate availability of a new firmware update for its Ninja TX GO and Ninja TX monitor-recorders, unlocking ProRes RAW recording from the...
20/12/2025
CJP Broadcast has completed the digitisation of the European Gymnastics tape archive, converting 328 tapes containing more than forty years of recorded material...
20/12/2025
Bitmovin, the leading provider of video streaming solutions, today announced the launch of the Stream Lab MCP Server, to give AI agents and large language model...
20/12/2025
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
20/12/2025
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
20/12/2025
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
20/12/2025
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
20/12/2025
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
20/12/2025
Share Share by:
Copy link
Facebook
X
Whatsapp
Pinterest
Flipboard...
20/12/2025
Barack Obama Includes Laufey on His 2025 Favorite Music List The former presidents roundup of books, music, and movies includes a song from the Berklee alums ...
20/12/2025
Study reveals a key hormonal circuit in the kidneys Scripps Research scientists identify the protein that helps kidney cells regulate renin, providing foundatio...
19/12/2025
With Playout Release 2025.4, ToolsOnAir continues to push professional playout w...
19/12/2025
SVG Sit-Down: Diversified's Jared Timmins on AI for Broadcast Sports and Cre...
19/12/2025
2025 SVG Summit Audio Recap: Say What?The Audio Production and Distribution Workshop at the SVG Summit 20 took on issues including speech intelligibility, Next-...
19/12/2025
Gamified fun: Channel 5 on its NFL Big Game Night ambitions with Hungry Bear Med...
19/12/2025
College Football Playoff Preview: For ESPN, Round 1 is a Fantastic Yet Familia...
19/12/2025
AWS's Jason Dvorkin on Developing Partnerships With the NBA and PGA Tour, Em...
19/12/2025
Netflix Kicks Off Packed Sports Week with Paul-Joshua Fight Before Shifting to N...
19/12/2025
SVG New Sponsor Spotlight: Presidio's Nareev Shah on the Role of Its Captiva...
19/12/2025
Mounted to the pylon of an AH-1Z Viper helicopter, a Red Wolf vehicle successful...
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. 
