Time Warner Inc. has sought European Commission approval to exercise voting rights in proportion to its 49.9 percent stake in broadcaster Central European Media Enterprises (CME) , CME said on Wednesday. The request comes before an agreement is due to lapse at the end of June whereby Time Warner's shareholder voting rights were exercised by CME's founder Ronald Lauder.The arrangement dates from the U.S. media group's 2009 investment in the broadcaster, when they agreed that Lauder, who now owns 6.4 percent of CME, would hold Time Warner's voting rights for at least four years."Time Warner requested approval from the European Commission to vote its 49.9 percent interest in CME," CME investor relations manager Ivana Aquin said in an emailed statement.The Commission received the notification on May 8 and has set a June 17 deadline for a decision.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX remained unchanged at $61.27. In the past year, the shares have traded as low as $33.62 and as high as $61.73. On average, 6610350 shares of TWX exchange hands on a given day and today's volume is recorded at 100.
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