TCS Capital Management, a minority shareholder in broadcaster Central European Media Enterprises (CME) , has urged the company to hire an investment bank to run a sale process, Reuters reports.

In a filing, TCS said a sale could get strong interest given CME's assets in its six Central and Eastern European markets and strong financial performance.

TCS has "been engaging in discussions with (CME) regarding ... concerns with (CME's) poor stock price performance and views on ways to maximize shareholder value," TCS said in the filing late on Tuesday.

TCS also said it had suggested replacing CME's board.

CME, whose main shareholder is Time Warner, said it was aware of the filing.

"The CME Board has been and remains firmly focused on acting in the best interest of all CME shareholders and is committed to pursuing strategies that support this objective," it said in an emailed statement to Reuters.

TCS Capital Management LLC owned a 13.4 percent stake in CME as of Jan. 12, according to the filing.

CME shares, listed in Prague and on the Nasdaq, ended down 3.8 percent at $2.50 at the U.S. close on Tuesday.