PRAGUE (Bloomberg) — Bermuda-based Central European Media Enterprises Ltd rose the most in five months after the company’s largest shareholder, Time Warner Inc, raised its stake to 49.9 percent.The Bermuda-based operator of television channels in central and eastern Europe, known as CME, gained nine percent to 109.85 koruna in Prague, the steepest rally since February 3.CME issued about 875,000 Class A shares to Time Warner for $90.8 million, exercising a put option under an agreement dated April 30, the company said in a statement. The funds will be used to repay a part of its debt, CME said. Time Warner previously provided a $300 million loan to CME.Time Warner obtained the additional shares for a price 50 percent higher than the current market price, J&T Banka AS said in a research note.“Taking into account another stake increase by the major shareholder and the purchase of shares high above the market price, we consider the news strongly positive,” J&T Banka said. “We expect a positive market reaction.”