priced public offering shares at $23 each.

The public offering, four million class A shares, will gross $92 million, CEME said.

The shares are being offered through an underwriting group led by Schroder Wertheim & Co. Incorporated, Prudential Securities Inc. and Smith Barney Inc.

Underwriters have options from the company to purchase 600,000 additional shares from the company.

Net proceeds from the offering will be used to fund expansion of broadcast operations into central and eastern European countries as well as to fund existing operations.