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Report: CEFC, Penta submit $2B bid to buy Central European Media

China's CEFC group and European financial group Penta Investments submitted a joint bid of around $2 billion to buy Central European Media Enterprises Ltd., Reuters reported Dec. 19, citing sources familiar with the details.

While details are yet to be finalized, a third source said the companies were close to reaching an agreement. Petr Kellner's PPF is no longer involved in the bidding race for Central European Media, two of the sources said.

Time Warner Inc. reportedly owns a 42.4% stake in Central European Media, but on a fully diluted basis the company owns a 75% interest, based on warrants exercisable until May 2018 and preferred shares it holds.

The news comes as talks between AT&T Inc. and the U.S. Department of Justice over the company's planned acquisition of Time Warner failed.