The deal will be most likely be finalized by the end of the second quarter of this year.
As a part of this deal, Time Warner has agreed to allow CME’s founder, Ronald Lauder, who is also the group’s Non-Executive President, to vote Time Warner’s shares of CME for at least four years.
In addition, Warner Bros. and CME have separately agreed to form a partnership to launch and operate new thematic television channels in current CME territories. These channels, some of which will be Warner Bros. branded, will feature international films and television series, including titles from Warner Bros.’ industry-leading library.
Commenting on the announcement, Mr. Lauder said: “I’m confident that this alliance with Time Warner will accelerate CME’s future development and take it to levels I could only dream of fifteen years ago. The combination of CME’s market leading positions and Time Warner’s brands will enhance the prospects of both companies as we work together.”
