CME in talks to buy small TV channel - report

...Republic, the business weekly Euro said in its online edition on Wednesday.

Talks between Central European Media Enterprises (CME) and Top TV's owner, privately-held KKCG Investments, were in a "very advanced stage," the report said quoting sources from both companies.

A CME spokeswoman declined to comment on the report, saying the broadcaster remained on the lookout for potential acquisitions across central Europe and was analysing possible targets but that did not necessarily mean it would make a deal.

In the Czech Republic, CME runs the largest station TV Nova, which is its biggest earner, and the sports channel Galaxie.

The report said Top TV has suspended broadcasting for one month pending a decision on a potential sale. It has broadcast mainly via cable and satellite, focusing on teleshopping shows. Its sale is subject to a regulatory approval.

Shares in CME fell 2.5 percent to 1,870 crowns in Prague by 0940 GMT amid a global equity sell-off. The stock closed at $92.48 on Nasdaq on Tuesday.

CME, which operates television stations in six central European countries, is due to report second-quarter results on Thursday. For analysts' earnings estimates, double click on [ID:nL30524309].