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Report: PPF Group close to buying majority stake in Central European Media

PPF Group NV is nearing a deal to acquire a majority stake in media and entertainment company Central European Media Enterprises Ltd., Reuters reported, citing Czech and Bulgarian media reports.

The investment firm is reportedly in its final stage of talks with CME, with a deal possibly announced as early as Oct. 24.

PPF Group would acquire the majority stake from AT&T Inc., which is CME's biggest shareholder with a 64% stake but effectively controls 75% of the company through preferred shares. AT&T absorbed CME following its merger with Time Warner Inc., now Warner Media LLC.

In 2018, PPF Group purchased Telenor ASA's assets in central and eastern Europe for an enterprise value of €2.8 billion.