CME Reports Revenue Gains

HAMILTON,
October 29: Central European Media
Enterprises’ (CME) revenues for the first nine months of the year were up 35
percent to $729.9 million, with net profit more than tripling to $67.7 million
and segment EBITDA increasing by 31 percent to $250.2 million.

For the third quarter,
revenues increased 15 percent to $201 million and the company narrowed its net
loss to $14.8 million. Segment EBITDA for the third quarter decreased 34
percent to $42.5 million.

Michael Garin, CME's CEO, commented: "Our nine-month results highlight the
continued strength of our operations across all our markets and we are
reaffirming our local currency guidance for 2008. This means that 2008 will be
another outstanding year for CME, continuing our record of delivering
year-on-year revenue and earnings growth. Our initial talks with advertisers
for 2009 support our view that the global economic crisis has not had a
significant impact on TV advertising spending in our markets. We are committed
to delivering double digit local currency revenue and EBITDA growth in 2009 in
any economic scenario."

Adrian Sarbu, the COO of
CME, added: "We have strong businesses that are leaders in their markets
and generate cash. Our ability to create local content gives us control over
our capital expenditures, programming and production costs. We remain focused
on our plan to deliver growth and maintain margins even in a challenging
economic environment."

—By Mansha Daswani