Central European Media Enterprises Ltd. was co-founded by Ronald Lauder and Mark Palmer, in Germany as CEDC GmbH in 1991. That same year it changed its name and reincorporated in the Netherlands as Central European Media Enterprises. Objections brought by the Czech Republic over the legal distinguishing of the two corporations were rejected by the International Court of Arbitration of the International Chamber of Commerce as irrelevant. CEDC GmbH's capital interests were all transferred to CME on July 28, 1994. CME moved its headquarters and reincorporated in Bermuda later that year. In 2008, the company bought in Romania from Adrian Sârbu, former CEO of Pro TV and CME, MediaPro Entertainent, which operated Media Pro Pictures, MediaPro Studios, MediaPro Distribution, Cinema Pro and Hollywood Multiplex cinemas. The company sold the Media Pro Entertainment assets in 2013-2015. MediaPro Music was sold to Universal Music Romania and MediaPro Distribution to Vertical Entertainment. The other assets was sold to private investors. On 23 March 2009, Time Warner announced that it would invest $241.5 million, for a 31% stake, in CME. Two years later on 3 March 2011, Time Warner bought another 3.1 million shares taking its stake in CME up to 34.4% with around 47 percent of voting rights and a total of 22.1 million shares. In 2010, CME sold 1+1 television group in Ukraine for US$300 million. In July 2012 CME exercised its put option and Time Warner increased its economic interest in CME to 49.9%. During the second quarter of 2013, Time Warner maintained its 49.9% voting interest during a public offering of CME Class A Shares, and additionally purchased 200,000 shares of Series B Convertible Redeemable Preferred Stock in a private placement. In 2018, CME sold its television networks in Croatia for €86.4 million. By October 2019, AT&T have signed agreement to sell WarnerMedia's stake to PPF. The transaction valued at $2.1 billion is subject to shareholder and regulatory approval and due to be completed in 2020.
Operations
CME is the broadcast market leader in every country where it has television stations. It started broadcasting its first channel in the Czech Republic in 1994. CME operates 30 television channels broadcasting to approximately 45 million people across 5 countries. CME develops and produces content for its television channels, and its content is also consumed through subscription and advertising VOD. The company also operates 4 radio channels in Bulgaria.
