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Time Warner Asks EC for Right to Exercise CETV Voting Rights

Time Warner Inc. (TWX) aims to fully exercise its voting rights in struggling broadcaster Central European Media Enterprises, or CETV, in which it has invested hundreds of millions of dollars and is now the largest shareholder, a CETV official said Wednesday."Time Warner requested approval from the European Commission to vote its 49.9% interest in CETV," said CETV's Investor Relations Manager Ivana Aquin, who added that the formal approval is likely by late next month.Time Warner's voting rights are currently held by CETV founder Ronald Lauder under an agreement that terminates at the end of June.The American company moved into CETV in 2009, and the Commission's rubber stamp will allow Time Warner to have a larger say in CETV's strategy going forward.That will be good news for Time Warner shareholders as the New-York based company has invested roughly $479 million in the Prague-based broadcaster over the last four years.CETV is operating in markets belonging to stagnating or recession-...

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