- Investment group PPF is closing in on a deal to buy a majority stake in Central European Media (CETV +10.1%) from AT&T (NYSE:T).
- AT&T owns 64% of CME's equity but controls 75% of the company via preferred stock, a position inherited from its acquisition of Time Warner.
- PPF's Petr Kellner, the richest man in the Czech Republic, is handling talks personally and a deal could be announced within days, according to regional reports.
- CME has a market cap of $1.13B.