KIEV, March 23 - Time Warner Inc. will invest $241.5 million in Central European Media Enterprises Ltd., which controls Ukraine's 1+1 and Kino channels, and acquire a 31% stake in the company capital in exchange, says a joint report of the companies posted on Monday.

"This transaction with CME is a unique opportunity for us to invest in - and partner with - the leading media company in Central and Eastern Europe," Time Warner chairman and CEO Jeff Bewkes said. "While the region has been experiencing the impact of the global economic crisis, we believe CME is ideally positioned over the long term."