Igor Kolomoisky and Ronie Lauder kiss and make up at CMETV

Igor Kolomoisky Invests US$ 110 Million to Acquire an Interest in CME and Joins Company's Board of Directors

We had reason to write about old Igor in August last year when in an oral decision issued today, a district court in Kiev ruled that Igor Kolomoisky (44) ,owner of the conglomerate Privat including the Privat Bank, is entitled to the 70% interest in Studio 1+1 LLC which claimed to be held currently by Alexander Rodnyansky.

This some what discommoded Ronnie Lauder of CME who claimed that said Alexander Rodnyansky is effectively a custodian of their interest until a previously agreed restructuring of the ownership of Studio 1+1 to reflect these ownership interests has been completed... but go to the original post to follow the Byzantine tale of shareholdings, claims of ownership etc., etc.,

Old Igor (see pic) is an entertaining chap with residence in snowy Switzerland but at least one bolt hole in Israel. he is famous for having remarked ......“You can get out of prison some day, but you can’t get out of a forest with your head cut off.”

“I told Pinchuk, ‘life is a supermarket. you can take whatever you like, but the cash desk is at the end’ ”

Anyway close students of the CME ourtit will be interested to see a resolution of their disagreement has resulted in Central European Media Enterprises Ltd. ("CME") announcing today that Igor Kolomoisky, has acquired 1,275,227 (= 3%) shares of CME's Class A Common Stock for cash consideration of US$ 110 million , price calculated on a weighted average trading price. Old Igor has also been invited to join the Board of Directors of CME.

Ronald S. Lauder,is reported saying ..... "I've known Igor Kolomoisky for some time and admire him as an extremely knowledgeable businessman with in-depth knowledge of Ukraine. Igor understands the importance of independent television not only in Ukraine, but throughout Eastern Europe. I'm delighted to welcome him as our newest Director, and I am confident he will help CME enormously."... presumably not anxious to try to find his way out of a forest with his head cut off.

Michael Garin, CME's Chief Executive Officer, said: "Investors should welcome this step as a major vote of confidence. The Apax investment ( cf Sir Ronnie Cohen chum of Gordon Brown) last year underscored their view of the growth potential of CME as a company. Similarly, this investment by Mr. Kolomoisky should confirm CME's view that Ukraine will be a powerful growth engine for the Company in the future. As I said a few weeks ago when we released our second quarter earnings, 'We are convinced that in the next few years Ukraine will become the largest market in which we operate. We remain completely committed to Ukraine and will continue to aggressively but prudently pursue opportunities to further strengthen our presence there.' Today's announcement is a major indicator of that commitment."

Igor Kolomoisky said: "CME is one of the fastest growing and best managed media companies in the world and represents an exceptional investment opportunity for me. I am impressed with the company's management team, vision and disciplined financial approach. I look forward to working with my new Board colleagues and the CME management team to build upon the CME success story at a time when prospects are so bright both in Ukraine and in the other markets in which the company operates. Ronald Lauder has been a pioneer in helping the countries of Central and Eastern Europe to establish the independent media outlets so critical to the development of their economies and political systems. I've known Ronald for a number of years, and I'm delighted to now join him on the Board of CME."

Shares are trading at approx US$90 CETV : NASDAQ after a recent bumpy ride down from a high of US$100 in June but well up from US$60 a year ago.