Bermuda-based Central European Media Enterprises Ltd. has announced today the closing of its previously announced transaction to sell 100 percent of its Ukraine operations, including the Studio 1+1 and Kino channels, to Harley Trading Ltd., a company beneficially owned by Igor Kolomoisky.

CME received cash consideration of $30 million on February 1, 2010 and the balance of $278 million on April 7, 2010, which includes $8 million for the reimbursement of cash expenses of the Studio 1+1 group incurred between signing and closing of the transaction.

The proceeds from the transactions will be used to fund the acquisition of the bTV group, a leading free-to-air broadcasting group in Bulgaria. The acquisition is expected to close in April 2010.

CME is a leading vertically integrated media company operating broadcasting, internet and TV content businesses in six Central and Eastern European countries with an aggregate population of approximately 50 million people.