BRUSSELS, June 14 (Reuters) - Time Warner won EU regulatory approval on Friday to exercise its voting rights in proportion to its 49.9 percent stake in broadcaster Central European Media Enterprises (CME).
The voting rights are currently exercised by CME founder Ronald Lauder under an agreement which will lapse at the end of June. Time Warner is the owner of the HBO cable network and the Warner Bros film studio.
The European Commission said in a statement that the deal would not hurt competition.
“The Commission’s investigation confirmed that the proposed transaction will not have negative effects on competition, since the activities of the parties are mainly complementary and not in direct competition with each other,” the EU executive said.