CME broadcasting group, the majority shareholder of PRO TV, has announced the forming of a strategic alliance with one of the biggest media companies in the world, Time Warner (USA), which will have the American giant invest 241.5 million dollars in CME.

Time Warner will buy 19 million newly issued CME common shares, which account for an approximately 31% interest in the CME group, which operates several television stations in the Czech Republic, Romania, Slovakia, Slovenia, Croatia, Ukraine and Bulgaria.

CME and Warner Bros studios will also form a partnership to launch and operate new thematic television channels in current CME territories. These channels, some of which will be Warner Bros. branded, will feature international films and television series, including titles from Warner Bros.’ industry-leading library.

"I’m confident that this alliance with Time Warner will accelerate CME’s future development and take it to levels I could only dream of fifteen years ago. The combination of CME’s market leading positions and Time Warner’s brands will enhance the prospects of both companies as we work together," stated Ronald Lauder, the founder and main shareholder of CME, a company that posted more than one billion dollars in revenues last year.

Time Warner chairman and chief executive officer Jeff Bewkes said the transaction with CME was a unique opportunity to invest in – and partner with – the leading media company in Central and Eastern Europe. "While the region has been experiencing the impact of the global economic crisis, we believe CME is ideally positioned over the long term as Central and Eastern Europe returns to significant growth and the media sector in these countries continues to evolve. We believe this transaction will create value for the shareholders of both companies as we work with CME’s talented management team to a