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26 February 2009

Sayenko Kharenko advised CME on acquisition of 100% of KINO channel

SAYENKO KHARENKO acted as the Ukrainian legal counsel to Central European Media Enterprises Ltd. (“CME”) on acquisition of 100% ownership of the KINO channel in Ukraine.

CME acquired 100% interest in the KINO channel after segregating of the broadcasting licenses and other assets of the KINO channel and transferring them to Gravis-Kino LLC, a new entity spun off from Gravis LLC, which previously operated the KINO and the CITI channels. CME also acquired 100% interests in three regional broadcasting companies and sold out its interest in the CITI channel. The net consideration paid by CME for the acquired interests, lease of assets and provision of other transitional services to the KINO channel totals USD 10 million. In addition, CME acquired a 10% ownership interest in Glavred-Media LLC from one of its minority shareholders for USD 12 million.

CME is a broadcasting company operating leading networks in seven Central and Eastern European countries with an aggregate population of approximately 97 million people. CME’s television stations are located in Bulgaria, Croatia, Czech Republic, Romania, Slovakia, Slovenia and Ukraine (Studio 1+1, Studio 1+1 International, and Kino).

Kino channel is a Ukrainian TV channel, which offers viewers a new style of programming consisting purely of entertainment programs. Launched on July 1, 2006 and broadcasting 24 hours a day to the Ukraine's 46.4 million people, with 55% national reach through a network of local licenses.

SAYENKO KHARENKO team for the current transaction was led by partner Michael Kharenko and included senior associate Taras Pryhoda and other professionals.

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