Chinese-Czech consortium makes offer for Romanian Pro TV’s parent group

Chinese group CEFC and Czech group Penta Investments have submitted a common takeover offer for Central European Media Enterprises (CME), which also owns PRO TV, the biggest media company in Romania. The offer amounts to some USD 2 billion although the exact price hasn’t been disclosed yet, according to sources familiar with the negotiations quoted by Reuters. CME, which is currently owned by American media group Time Warner, operates on several Central and Eastern European markets, its biggest operations being in the Czech Republic and Romania. The group had net revenues of USD 378 million in the first nine months of this year, up 6% year-on-year, and an operating profit (OIBDA), of USD 98 million, up by almost 18%, Romania being its most profitable market during this period. CME has total debts worth some USD 1 billion and a market capitalization of USD 638 million. CEFC has recently taken over KMG International, the group that owns the biggest oil refinery in Romania, while Penta Investments is negotiating the takeover of A&D Pharma group, the biggest pharmaceutical group in Romania. editor@romania-insider.com