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Simpson Thacher represented underwriters led by JPMorgan, Lehman Brothers and ING in a registered offering by Central European Media Enterprises Ltd. (NASDAQ: CETV) ("CME") of approximately 5.4 million shares of its Class A common stock. Simpson Thacher also represented the same banks as initial purchasers in a simultaneous unregistered offering by CME of €370 million (approximately $477 million) principal amount of senior notes, consisting of €245 million (approximately $316) of 8.25% senior notes due 2012 and €125 million (approximately $161 million) of senior floating rate notes due 2012. Total net proceeds for the equity and debt offerings, which closed in May 2005, were about $710 million. These proceeds were used in part to finance the acquisition by CME of a controlling interest in TV Nova, a leading television network in the Czech Republic. CME also owns and operates television networks in the Slovak Republic, Slovenia, Croatia, Romania and the Ukraine. With the Czech acquisition, CME will broadcast to approximately 90 million people. The transaction is one of a series of recent financings, several of which have involved media assets, in central Europe on which Simpson Thacher has provided legal advice.

The Simpson Thacher corporate team who worked on the offering included Walt Looney, former associate Jaroslava Korpanec and associates Nick Shaw, Caroline Chang, Jed Weiner and Tom Wedeles (corporate). Tax assistance was provided by Meredith Jones and Rachel Birnbaum, with Mark Lab and Sean Cotton assisting on Blue Sky.