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Latest Satellite News Discussion, New Gloom time for CME at General Satellite News forum; Gloom time for CME By Chris Dziadul | April 29, 2009 CME, one of the leading commercial TV operators in ...

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New Gloom time for CME - 29-April-2009, 12:10

Gloom time for CME

By Chris Dziadul | April 29, 2009



CME, one of the leading commercial TV operators in Central and Eastern Europe, has posted what is probably the worst set of results in its decade and a half history.

Net revenues in Q1 amounted to $141.2 million (108.3 million), 37% down on the same period in 2008, while EBITDA was, at $15.5 million, 76% lower.
Its net income of $14.5 million in Q1 2008 was transformed into a loss of $44.5 million in the first quarter.

Net revenues in six of its seven markets were all down on last year (Bulgaria, the seventh, was only acquired in August 2008 and could not be compared), and losses were posted in Bulgaria (impairment), Croatia and Ukraine.

Despite its poor recent performance, CME recently managed to secure a crucial investment of $241.5 million from Time Warner which, the companys president and CEO Adrian Sarbu believes, is a sign of confidence in our markets, people and strategy for the future.


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