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EU approves Czech PPF bid for broadcaster CME

BRUSSELS (Reuters) - The European Commission said on Tuesday it had approved Czech investment group PPF's bid to buy broadcaster Central European Media Enterprises (CME) <CETV.O><CETV.PR> from AT&T.

AT&T <T.N> holds 64% of CME's common stock but effectively controls 75% of the company when preference shares are factored in. It inherited CME after its merger with Time Warner.

"The Commission concluded the transaction would raise no competition concerns in the European Economic Area," the Commission said in a statement.

(Reporting by Robin Emmott; editing by Philip Blenkinsop)