“We are taking serious steps to reduce indebtedness,” said Adrian Sarbu, President and Chief Executive Officer of CME.
Time Warner will grant a credit line of $300 million to CME to pay off debts that will become due in 2013, 2014 and 2016.
Time Warner and Lauder agreed to buy 11.5 million class A shares, and will pay $7.51 a share.
CME reported revenues of $167.4 million in the first quarter of 2012, and an operating profit (OIBDA) of $14.1 million.
Its television and new media operations in Romania registered $31.1 million in turnover in the first quarter and an operating profit of $1.8 million.