CME Announces Q2 Results, Resignation of COO

HAMILTON, August 3:
Central European Media Enterprises today released its second quarter and
half-year results, with revenues up 38 percent and 71 percent, respectively. It
also announced the resignation of its COO, Robert E. Burke, effective October
1.

Burke's
duties will be assumed by regional directors Adrian Sarbu and Marijan Jurenec,
EVP Marina Williams and CFO Wallace Macmillan. They will report directly to
Michael Garin, CME's CEO. Burke will continue to work for the company on a
consulting basis. He said his resignation “was a personal decision that will
allow me to enjoy an extended vacation, pursue some hobbies and be a devoted
CME shareholder. The restructuring we completed earlier this year by creating
three operating groups managed by our most talented executives enhances CME's
ability to identify and capitalize on new opportunities in its high-growth
markets. I take huge satisfaction knowing that I am leaving the company in
great hands."

For the quarter, CME’s
revenues were up 38 percent to $156.6 million, and operating income for the
quarter increased to $44 million. Net income from continuing operations
declined $20.6 million to $7.2 million. Net income for the quarter was $8.5
million compared to $25.5 million last year. For the first six months, revenues
were up 71 percent to $276.3 million, and operating income increased $55.6
million to $60.2 million. Net income from continuing operations decreased $26.8
million to a loss of $7.2 million. Net loss for the six months ended June 30,
2006 was $9.7 million compared to net income of $17.5 million for the six
months ended June 30, 2005.

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