NEW YORK: Time Warner, the US media company, has paid $241.5 million (€178.7m; £164.1m) for a 31% share of Central European Media Enterprises, which operates TV stations in countries including Bulgaria, the Czech Republic, Romania and Slovakia.
Negotiations regarding the purchase started a year ago, and Time Warner will sell its shows to networks owned by Central European Media Enterprises.
Warner Brothers, which is a unit of Time Warner, will also launch new channels in the region that will be jointly-owned by the two companies.
Representatives from the US giant will take two seats on the board of its European counterpart.
Jeff Bewkes, Time Warner's ceo, said that central and eastern Europe has been hit by the downturn, but that CME was "ideally positioned" once the region "returns to significant growth" and as the "media sector in these countries continues to evolve."
Data sourced from Wall Street Journal; additional content by WARC staff