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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: kendall harmon who wrote (21136)	9/2/1999 3:54:00 PM
From: Susan Saline	Respond to of 43080

news out on it ... and I did a search and found it on the joemex thread ... bot some here ... at 1 5/8 Thursday September 2, 2:58 pm Eastern Time CME offers to take majority stake in Czech rival PRAGUE, Sept 2 (Reuters) - U.S.-owned Central European Media Enterprises (CME) (Nasdaq:CETV - news) said on Thursday it had offered to take a majority stake in Czech company CET-21 in a bid to end a fierce battle over control of nationwide station TV Nova. CME said in a statement it had offered to subscribe to the planned 6.1 million crown ($178,100) share issue of CET-21, TV Nova's licence holder, which would raise CME's currently small minority stake in CET-21 to 61.5 percent. CET-21 is now majority-owned by Vladimir Zelezny, the sacked director of CME's Czech unit CNTS which provided all Nova's programme until Zelezny cut it off last month. Neither Zelezny nor officials of CET-21 were immediately available to comment on the offer. Zelezny and CME have filed numerous law suits against each other since CME accused Zelezny of illegal transactions at Nova and sacked him as the station's director in April. CET-21 in turn pulled the plug on CNTS's programming on August 5 and began airing its own programming, cutting off CME from advertising revenue in the Czech Republic. CNTS has sought help from regulators, but the Czech Broadcasting Council have so far refused to intervene. Any capital increase at CET-21 is subject to regulatory approval, the CME statement said. The fight over CME's most profitable operation put the pending $615 million stock-only acquisition of CME by Scandinavian Broadcasting Systems (Nasdaq:SBTV - news) in question.