The American media company Central European Media Enterprises (CME) on Tuesday announced the establishment of a business unit comprising the operations in the Czech Republic, Slovakia and Romania, and the appointment of Adrian Sarbu at the helm of this unit.
CME also announced it bought an additional 5% of the stake held by Pro TV''s general manager Adrian Sarbu in Media Pro International (which operates Pro TV, Acasa, ProCinema and Pro TV International TV stations in Romania). The transaction is worth 27.2 million dollars.
"These financial resources will be used to increase the capital of Media Pro, in view of materialising new media projects," Adrian Sarbu, who owns, among others, the PubliMedia International company, which publishes ZIARUL FINANCIAR, stated on Tuesday.
The transaction increased CME''s stake to 90% in Pro TV and television service company Media Pro International (MPI), and to 75% in TV production company Media Vision SRL.
Sarbu has the right to sell - if he so chooses, his remaining 10% stake in Pro TV and Media Pro International as of 2009. According to CME, he will be able to exercise this option as of March 1, 2009 for the twenty-year period that follows. The floor price for each percent sold from the 10% stake is 1.45 million dollars.
CME intends to keep investing on the Romanian media market. "Our development plans for the media market in Romania actually focus on supporting Adrian Sarbu''s vision because nobody knows this market and its opportunities better than he does. We will continue to support Adrian Sarbu''s expansion plans," Michael Garin, CME''s chief executive officer told ZIARUL FINANCIAR on Tuesday.
Garin says it was the track record of Adrian Sarbu in the television industry that warranted his appointment at the helm of the regional CME unit comprising Czech, Slovak and Romanian operations.
"We want to take advantage of his professional skills for our group. Adrian Sarbu will help us to continue growing our operations in a broader horizon, including the Czech Republic, where we have 37% of the market," Garin added. CME, which controls a number of TV stations in Romania, the Czech Republic, Slovenia, Slovakia, Croatia and Ukraine, is listed on the NASDAQ and on the Prague Stock Exchange.
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