Investment group PPF, owned by the richest man in Czechia - Petr Kellner, is close to concluding talks on buying a majority stake in Central European Media Enterprises (CME) from US group AT&T, Reuters reported quoting Czech and Bulgarian media.

CME owns PRO TV, the biggest media company in Romania, which is its second-biggest operation in the region, after the one in Czech Republic (TV Nova).

The group also operates in Bulgaria, Slovenia and Slovakia and has a market capitalization of USD 1.13 bln. CME had net revenues of USD 469 mln in the first nine months of this year, up 6% year-on-year (at constant exchange rates), and an operating profit – OIBDA of USD 119 mln, up 32%.

In Romania, the group’s revenues stood at USD 127 mln in the first nine months and the OIBDA reached almost USD 60 mln. AT&T holds 64% of CME’s common stock and controls 75% of the company through preferred shares. The US telecom and media group inherited CME after its merger with Time Warner.

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editor@romania-insider.com