Time Warner to pay USD 341.5 mln for 31% stake in Central European Media

Time Warner announced yesterday that it agreed to acquire a 31% stake in Central European Media (CETV US) for USD 341.5 mln. Time Warner said its Warner Bros. unit formed a partnership with CME to launch new TV channels in Central & Eastern Europe. The deal is to be concluded by end-2Q09. Central European Media is one of the largest Ukrainian television owners; it controls Studio 1+1, Studio 1+1 International and Kino stations.