Time Warner grows stake in CME

US media firm Time Warner has increased its stake in CEE broadcaster Central European Media Enterprises (CME).

The company has acquired 9.9 million shares of the company’s Class A common stock, which means that its ownership increases to 40% on a diluted basis. Ronald Lauder has also increased his stake with the purchase of 2.2 million shares through his RSL Capital company. Adrian Sarbu, president and CEO of CME, said: “The continued support from our major shareholders during volatile market conditions allows us to proceed with achieving our targets of reducing our leverage and interest costs.”