CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. (NASDAQ:CETV) Files An 8-K Other EventsItem 8.01. Other Events
As previously reported in the Current Report on Form 8-K dated July 10, 2017, CME Media Enterprises B.V., a wholly owned subsidiary of Central European Media Enterprises Ltd. (the “Company”), entered into a framework agreement on July 9, 2017 with Slovenia Broadband s.à r.l. (“Slovenia Broadband”), a subsidiary of United Group B.V. (as filed with the SEC on July 10, 2017 as Exhibit 10.1 to the Company’s Current Report on Form 8-K on such date), for the sale of Pro Plus d.o.o., which operates the Company’s Slovenian business, and Nova TV d.d., which operates the Company’s Croatian business. On November 15, 2017, the Croatian Agency for Electronic Media published a decision that the proposed acquisition by Slovenia Broadband of the Company’s subsidiary Nova TV d.d. is not permitted under the Croatian Act on Electronic Media. The Croatian Agency concluded that certain restrictions on cross ownership under the Act on Electronic Media apply to the proposed acquisition and it would therefore be impermissible. The Company is reviewing the decision and evaluating potential options.
About CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. (NASDAQ:CETV)
Central European Media Enterprises Ltd. (CME Ltd.) is a media and entertainment company operating in Central and Eastern Europe. The Company’s assets are held through a series of Dutch and Curacao holding companies. The Company manages its business on a geographical basis, with six segments: Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic and Slovenia. It has broadcast operations in over six countries in Central and Eastern Europe, broadcasting a total of approximately 40 television channels. The Company enters into agreements with advertisers, advertising agencies and sponsors to place advertising on the television channels that the Company operates. The Company collects fees from cable and direct-to-home (DTH) operators for carriage of its channels. The programming that it provides consists of locally-produced news, current affairs, fiction, and reality and entertainment shows, as well as acquired foreign movies, series and sports programming.