Central European Media Gains, Reverses Slump After Bond Buyback

Central European Media Enterprises Ltd. (CETV) gained, reversing earlier losses, after the broadcaster said today it agreed to repurchase its 2014 bonds for $71.1 million as part of a plan to lower the company’s indebtedness.

CME, as the company is known, jumped as much as 11 percent, the most in two months, and traded up 2.2 percent to 110.26 koruna by 3:19 p.m. in Prague. The stock earlier slumped as much as 9.2 percent to the weakest since its Czech listing in 2005 on speculation a planned rights issue will dilute share value.

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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