Central European Media Enterprises Announces Plan to Review Strategic Alternatives
25 Março 2019 - 9:40AM
Business Wire
Central European Media Enterprises Ltd. (“CME” or the “Company”)
(NASDAQ/Prague Stock Exchange: CETV) today announced that its Board
of Directors, working together with its management team and legal
and financial advisors, has commenced a process to explore and
evaluate potential strategic alternatives for the Company focused
on maximizing shareholder value.
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. AT&T Inc., CME’s
largest shareholder, supports CME’s plan to review strategic
alternatives.
John Billock, Chairman of CME, commented: “CME owns a very
unique set of assets and has established an unrivalled leadership
position in some of Europe’s fastest-growing media markets. After
five years of unparalleled growth and impressive deleveraging, the
Company has never been in better shape. We strongly believe that
now is the right time to conduct this strategic review. 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.”
There can be no assurance that the exploration of any strategic
alternatives will result in a transaction. The Company has not set
a timetable for this process, and it does not intend to provide
updates or additional comments unless it determines that further
disclosure is appropriate or necessary.
The Company is being advised by Allen & Company LLC and BofA
Merrill Lynch as its financial advisors, and Covington &
Burling LLP as its legal advisor.
CME is a media and entertainment company operating leading
businesses in five Central and Eastern European markets with an
aggregate population of approximately 45 million people. CME's
operations broadcast 30 television channels in Bulgaria (bTV, bTV
Cinema, bTV Comedy, bTV Action, bTV Lady and Ring), the Czech
Republic (Nova, Nova 2, Nova Cinema, Nova Sport 1, Nova Sport 2,
Nova International, Nova Action and Nova Gold), Romania (PRO TV,
PRO 2, PRO X, PRO GOLD, PRO CINEMA, PRO TV International and PRO TV
Chisinau), the Slovak Republic (TV Markíza, Markíza International,
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. For all
forward-looking statements, we claim the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy or are otherwise beyond
our control and some of which might not even be anticipated.
Forward-looking statements reflect our current views with respect
to future events and because our business is subject to such risks
and uncertainties, actual results, our strategic plan, our
financial position, results of operations and cash flows could
differ materially from those described in or contemplated by the
forward-looking statements.
For additional information, please visit www.cme.net or
contact:
Mark KobalHead of Investor RelationsCentral European Media
Enterprises+420 242 465 605mark.kobal@cme.net
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version on businesswire.com: https://www.businesswire.com/news/home/20190325005377/en/
Central European Media EnterprisesMark KobalHead of Investor
Relations+420 242 465 605mark.kobal@cme.net
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