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21st January 2010, 03:38 AM
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CME sells up in Ukraine
By Chris Dziadul
January 20, 2010 19.55 UK Central European Media Enterprises (CME) is to sell its Ukrainian channels Studio 1+1 and Kino to Harley Trading Limited (HTL), a company owned by Igor Kolomoisky, for $300 million (€209.1 million) in cash. An additional $19 million will be paid to fund cash expenses of the Studio 1+1 group between the signing and closing of the transaction. HTL will pay $30 million to CME on February 1 this year and the balance on closure of the deal, which is expected to take place in the second half of April. Following the deal, Kolomoisky will remain a director and shareholder of CME. The sale marks CME’s exit from Ukraine, a market it has been present in for 13 years. |
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