Central European Media Enterprises Ltd. (CME) announced in a press release yesterday the expected completion date for the previously announced transaction to be acquired by an affiliate of PPF Group N.V. (PPF Group).

Following the European Commission's clearance of the PPF Group merger with CME, all required regulatory approvals needed to close the previously announced transaction have been received. Accordingly, completion of the transaction is expected to occur on October 13, 2020.

Reuters reports that AT&T holds 64% of CME's common stock but effectively controls 75% of the company when preference shares are factored in. It inherited CME after its merger with Time Warner.

“The Commission concluded the transaction would raise no competition concerns in the European Economic Area,” the Commission said in a statement.

At closing, each share of CME’s Class A Common Stock (other than any such shares owned by CME, PPF Group, or any of their respective direct or indirect wholly-owned subsidiaries) issued and outstanding immediately prior to the effectiveness of the merger will be cancelled and cease to exist automatically, and each such share of Class A Common Stock will be converted into the right to receive $4.58 in cash.