Profit Almost Doubles at CME

HAMILTON, July 30: Second
quarter net income at Central European Media Enterprises (CME) gained 95
percent to $67.6 million, the company announced today, on revenues of $305.4
million, 41-percent higher than the year-ago period.

For the first half of the
year, meanwhile, revenues were up 45 percent to $528.9 million, with profit
soaring by 140 percent to reach $82.5 million.

Segment EBITDA for the
second quarter increased 53 percent to $133.1 million, while for the six months
ended June 30, 2008, it was up 64 percent to $207.8 million.

Michael Garin, CME's CEO, commented: "The outstanding second-quarter
performance demonstrates both the strength of our networks and the continuing
growth of the advertising markets across all of our markets. Our second-quarter
44-percent segment EBITDA margin driven by Czech and Romanian results is ahead
of even our own expectations. We are delighted to report the first quarter of
positive EBITDA in Croatia. Our Croatian success gives us confidence that we
will achieve a similar leadership in Bulgaria in the next few years."

Adrian Sarbu, CME’s COO,
added: "We are extremely pleased to have completed the buyout of the 30
percent minority interest in Studio 1+1. We intend to be the leading
broadcaster in Ukraine with our operations generating $500 million of revenue
and $200 million of segment EBITDA in 2012."

—By Mansha Daswani