Bermuda-registered Central European Media Enterprises Ltd (CME).

Mercury now holds about 12 percent of CME's outstanding class A shares, up from about five percent.

The money manager purchased 725,100 shares at $22.24 to $23 a share between October 26 and November 9, according to a schedule 13D filed Wednesday with the Securities and Exchange Commission (SEC), said Bloomberg business news service.

Mercury purchased 700,000 through a primary offering held by CME on November 8.

CME sold four million shares for $23 each in that offering.

Mercury how holds 1.21 million shares in CME.

CME has 10.1 million shares outstanding.

The company owns stakes in private commercial television stations in the Czech Republic and Germany.

The company is also launching stations in Germany, Romania, Slovenia, Hungary and the Slovak Republic.