- The Washington Times - Monday, March 23, 2009

NEW YORK (AP) - Time Warner Inc. says it will invest $241.5 million for a 31 percent stake in Bermuda-based broadcast network operator Central European Media Enterprises Ltd.

Time Warner’s investment disclosed Monday allows Central European Media’s chairman Ronald Lauder to vote its newly-acquired shares in the Central European Media group for at least four years. Lauder has also agreed to support two of Time Warner’s nominees to the CME board.

CME operates leading networks in seven Central and Eastern European countries, including Bulgaria, Croatia, Czech Republic and Romania.

Time Warner also says its Warner Bros. unit has agreed separately to form a partnership with CME to launch and operate new thematic TV channels in Central and Eastern Europe.

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