Central European Media Enterprises Ltd.'s board is exploring potential strategic alternatives for the company.

The board formed a special committee comprising independent directors to review its options, including the sale of part or all of the company, a merger with another strategic partner, a recapitalization or continuing to execute on the company's long-term business plan.

AT&T Inc., the company's largest shareholder, has backed Central European Media's plan to review strategic alternatives, according to a March 25 news release.

The company is being advised by Allen & Co. LLC and Bank of America Merrill Lynch as its financial advisers and Covington & Burling LLP as its legal adviser.

Central European Media Enterprises is a media and entertainment company operating businesses in five central and Eastern European markets.