MUMBAI: Central European Media Enterprises (CME) has decided to sell off its interest in the Studio 1+1 and Kino channels in the Ukraine to Igor Kolomoisky‘s Harley Trading Limited for $300 million.
With this, Harley Trading will take 100 per cent ownership of CME‘s operations in the Ukraine for $300 million in cash plus an estimated $19 million to fund cash expenses of the Studio 1+1 group between signing and closing of the transaction.
The purchaser will make a payment of $30 million to CME on 1 February and the balance of the purchase price will be paid at the closing that is expected to happen in the middle of April.
Said CME president and CEO Adrian Sarbu, "The sale of our Ukrainian operations is the best strategic option for CME in the current environment. It will allow us to concentrate on our existing operations in the European Union and EU accession countries. The sale will provide us with greater operational and strategic flexibility, increase our liquidity and sharpen our focus on developing our broadcasting, internet and content business."
