Czech firm PPF to purchase CME from US firm AT&T

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Czech firm PPF to purchase CME from US firm AT&T

On Thursday, the 17th of October 2019, a number of Czech and Bulgarian media reports had revealed that the multinational investment group PPF, owned by the richest man of Czech Republic, Petr Kellner, had been in an advanced-stage talk to purchase a majority stake in CME (Central European Media Enterprises) from US wireless carrier, AT&T.

In point of fact, as of now, AT&T Inc. has been holding a 64 per cent of CME’s publicly traded stocks and controlling a 75 per cent stake of the company through preferred shares, while the US-based firm had sealed an acquisition deal for CME following its merger with Time Warner.

Besides, according to data from Refinitiv Eikon, the CME, operating TV stations across a number of Southern European nations such as Czech Republic, Romania, Bulgaria, Slovakia and Slovenia, has a market cap of $1.13 billion.

Meanwhile, a daily newspaper of Czech Republic, Hospodarske Noviny alongside had reported late on Thursday (October 17th) that an acquisition deal might be announced “within days” citing unnamed sources directly briefed over the subject-matter.

Nonetheless, neither PPF nor AT&T commented over the subject-matter while being asked, while a PPF spokesman had been quoted saying that the company would not comment on market speculation.