24 November 2009

Sayenko Kharenko advised on merger clearance for Time Warner acquisition of CME shares

Sayenko Kharenko antitrust team assisted Central European Media Enterprises Ltd ("CME") in obtaining a merger clearance by the Antimonopoly Committee of Ukraine (the "AMC") for the acquisition of CME by the US-based TV company Time Warner, Inc. ("Time Warner").

Both companies will enhance their prospects due to the combination of CME's market-leading positions and Time Warner's brands. Time Warner sees this transaction as the opportunity to invest and cooperate with one of the leading media companies in Central and Eastern Europe. For CME the transaction valued at USD 242 million allows it to accelerate its future development.

Time Warner is a global leader in media and entertainment with businesses in television networks, filmed entertainment, publishing and interactive services. Time Warner owns a number of the world famous brands including AOL, Time Inc., Home Box Office, Turner Broadcasting System and Warner Bros.

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 (TV2 and Ring TV), Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema and NovaSport), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, and MTV Romania), Slovakia (Markнza), Slovenia (POP TV, Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International and Kino).

After examining the proposed transaction, the AMC has concluded that its implementation neither poses threat to competition nor significantly limits competition on any product market in Ukraine.

Sayenko Kharenko competition team involved in the transaction from the CME side included counsel Dmitry Taranyk and associate Valentyna Hvozd, led by partner Vladimir Sayenko.


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