Media investor seeks $275 million in case against TV Nova owner
Published:
15 August 2003 y., Friday
Media company CME has initiated a new arbitration proceeding against the company that operates TV Nova.
CME filed its new lawsuit only three months after winning a $353 million (988 million Kc) judgment from a Stockholm arbitration court as compensation for the government's failure to protect the company's investment in TV Nova.
CME filed its new lawsuit Aug. 6 in Vienna. The target of the new arbitration claim is CET 21, the company that holds the license for TV Nova. CET 21, formerly controlled by controversial media figure Vladimir Zelezny, severed ties with CME in 1999. CME says that CET 21's termination of the contract between the two companies was wrongful and claims damages of $275 million.
A private limited-liability company, CET 21's equity is only 200,000 Kc.
CET 21 spokesman Petr Kostka said that paying the amount of damages CME is seeking would ruin TV Nova.
TV Nova Director Petr Dvorak told reporters that CME's action was surprising because CME and CET 21 had been working on a settlement.
Michal Donath, director of Donath-Burson-Marsteller, the public-relations firm that represents CME in the Czech Republic, said that the new lawsuit was a result of the Stockholm court's findings.
Šaltinis:
praguepost.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The European Parliament's proposal for its own operational budget for 2011 includes the financing of measures in preparation for enlargement with Croatia.
more »
Links between business and the academic world need to be strengthened but higher education institutions must retain their autonomy and public support, says a resolution adopted on Thursday by the European Parliament.
more »
The Spanish Minister of Economy and Finance, Elena Salgado, will present the additional fiscal tightening measures set out by the Spanish Government to her eurozone (Eurogroup) counterparts on Monday; the measures were required by Spain’s European partners as a condition of approving the plan to bolster the euro on 9 May.
more »
The European Commission has opened an in-depth investigation under EU State aid rules into capital injections destined to two subsidiaries of state owned company Elan Skupina in Slovenia.
more »
GDP growth in the EU expected to gradually pick up, though recovery less robust than past upturns.
more »
The EESC tabled its opinion on the regulation of alternative investment funds, such as hedge funds and private funds. Although endorsing the much debated proposal of the European Commission, the EESC calls for uniform risk data provision for all such funds and emphasizes their responsibility in triggering the crisis.
more »
Concluding the process and deciding on the schedule for releasing the funds agreed on for Greece, as well as examining and learning lessons from the crisis for the governance of the eurozone, will be the focus of the discussions of the heads of state and government at the meeting in Brussels this Friday.
more »
The EU pavilion at the world expo in Shanghai marks the first time the EU has presented itself to a large Chinese audience.
more »
Shanghai's World Expo offers visitors plenty of fun offering bizarre things to do at over 200 pavillions competing for attention.
more »
The European Investment Bank (EIB) is providing a loan of EUR 150 million to MVM Zrt. for the capacity increase and the extension of a high-voltage transmission network, partly constituting priority axes of the Trans-European Energy Network (TEN-E) in Hungary.
more »