Ukrainian banker buys CME shares, joins board

Billionaire banker Igor Kolomoisky joins the Central European Media Enterprises (CME) Board of Directors after making a $110 million investment in the company, according to CME’s statement. A bit more than a year ago a Ukrainian court awarded him financial control over CME’s Studio 1+1 license, which the company vowed to fight. Things change.

Problems can be solved in many ways. Just weeks ago CME CEO Michael Garin made clear to investors that Ukraine was CME’s ‘future.’ As Eastern European media deals get bigger – particularly where growth potential is biggest – big partners are, well, useful.

Kolomoisky is one of Ukraine’s richest men, worth $6 billion according to estimates. His primary business is oil, gas and mining in Ukraine’s east. He also is the principal owner of PrivatBank.

CME’s statement made no mention of the little disagreement. (Read the CME release here) When asked if Kolomoisky’s investment is related to Studio 1+1 a company spokesperson in an email to ftm said “Not really.”  Questioned during an investor conference call when second quarter 2007 results were released Garin noted the revenue slump at Studio 1+1 and pointed to difficulties being less than totally in control of the operation. 

Kolomoisky’s lawsuit challenged CME’s Ukrainian partner and licensee of Studio 1+1 Alexander Rodnyansky. In February Ukraine’s Supreme Court rejected Kolomoisky’s claim to 70% of the company. At the time he said he’d happily pay $100 million for 40%. - August 31, 2007

Keywords:television in Ukraine, CME

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