In 1993 he applied with five others for a license to broadcast a private television channel to show classical music, cultural programmes and current affairs. He obtained a €140m investment from the American firm, Central European Media Enterprises (CME) to fund the enterprise. Due to the Czech Media Council's rules against foreign ownership, the license was granted to a company controlled by Železný - CET21 - which, with the legal assistance of Miroslav Šipovič signed a licensing agreement with a joint venture partly owned by CME. In February 1994 he launched TV NOVA which became the most popular network, although it was criticised as undermining the cultural tradition of Czechs.