Chinese holding China Energy Company (CEFC) has partnered with the Czech financial group Penta Investments to buy Central European Media Enterprises (CME), from the US giant Time Warner, writes Reuters, quoting three sources close to the deal.

CME own the TV station Pro TV in Romania, among others.

The offer amounts to about EUR 500 million, reports local Ziarul Financiar. CEFC is willing to provide the bulk of the funding.

Both CEFC and Penta Investments are directly linked to Romania. The Chinese holding took over the majority stake in KMG International (Rompetrol in Romania) in December last year. Penta Investment Group is the majority stakeholder in the Fortuna Entertainment Group gambling operator, which bought several companies in Romania this fall with EUR 47 million.

Penta Investments is also interested to buy A&D Pharma, the largest pharma business in Romania, which includes the SensiBlu pharmacies. The fund owns the Fortuna betting agencies and over 31 pharmacies in Romania. Franklin Templeton Investment Funds, which manages the local investment fund Fondul Proprietatea, also has a 10% stake in Fortuna.

Central European Media Enterprises had a total net debt of about USD 1 billion at the end of September.

editor@romania-insider.com