SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) June 29, 2000
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CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
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(Exact Name of Registrant as Specified in Charter)
Bermuda 0-24796 Not Applicable
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
Clarendon House, Church Street, Hamilton HM CX Bermuda
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (441) 296-1431
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
Item 2. Disposition of Assets.
On June 29, 2000, Central European Media Enterprises Ltd. (the "Company") sold,
pursuant to a call option (the "Call Option") held by SBS Broadcasting S.A.
("SBS"), certain notes (the "ITI Notes") held by the Company which were issued
by International Trading and Investments Holdings S.A. ("ITI") for a purchase
price equal to $37.25 million plus accrued interest (the "Purchase Price"). The
ITI Notes are in the principal amount of $40.0 million and bear interest at a
rate of 5% per annum. The ITI Notes generally mature on December 10, 2001 and
are convertible into equity securities of ITI at the option of the holder after
September 10, 2001, and may be redeemed for cash by ITI at any time prior
thereto. The Call Option was granted to SBS as part of the Company's sale of its
Hungarian assets to SBS in February 2000. $12.5 million of the Purchase Price
proceeds were placed in escrow until the earlier of August 18, 2000 and the
closing of the previously announced transaction pursuant to which the Company
agreed to purchase a 98% controlling interest in Kanal A, the second lending
commercial television broadcaster in Slovenia
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Item 7. Financial Statements, Pro Form Financial Information and Exhibits.
Exhibits:
10.1 Option Agreement by and between SBS Broadcasting S.A. and Central
European Media Enterprises Ltd., dated as of February 21, 2000 (incorporated by
reference to Exhibit 10.56 to the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 1999).
99.1 Press Release of Central European Media Enterprises Ltd., dated
June 29, 2000.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Central European Media Enterprises Ltd.
(Registrant)
Dated: July 12, 2000 By: /s/ Frederic T. Klinkhammer
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Frederic T. Klinkhammer
Title: President and Chief Executive Officer
(Duly Authorized Officer)