Central European Media Enterprises Acquires Control of Markiza TV in the Slovak Republic

Central European Media Enterprises Acquires Control of Markiza TV in the Slovak Republic

- Increases Economic Interest to 80% -

HAMILTON, Bermuda, Oct. 31 /PRNewswire-FirstCall/ -- Central European Media Enterprises Ltd. ("CME") (Nasdaq: CETV; Prague Stock Exchange: CETV) today announced that it has entered into an agreement with its three partners in the Slovak Republic to acquire a controlling interest in TV Markiza and to increase its economic interest to 80%.

Following the completion of the transaction, CME's will have increased its economic interest in the Slovak operations from its current 70% to 80%. Its voting interest in the local operating company STS will increase from 49% to almost 90% and its voting interest in the license holding company Markiza will increase from 34% to 80%. The residual minority interests will be held by two current partners Jan Kovacik and Milan Fil'o.

The total purchase price is approximately US$ 28.7 million, payable in two installments. Approximately US$ 23.8 million is payable at closing and up to US$ 4.9 million is payable on May 31, 2006, depending on the amount of cash held by the target at closing. The transaction is expected to close by the end of 2005 and is subject to the receipt of approval from the Office for the Protection of Economic Competition of the Slovak Republic.

Michael Garin, CME's Chief Executive Officer, commented: "Acquiring control of this outstanding station has been one of the highest priority goals of CME. We expect improved performance to result from control of both the operating and license-holding companies. Our ability to fully consolidate the results of TV Markiza for the first time will also improve the transparency of our results to investors.

We are pleased to be increasing our investment in the Slovak Republic and acquiring control of TV Markiza in advance of the station's license renewal next year. CME is strongly committed to broadcasting in the Slovak Republic and ensuring that TV Markiza operates to the highest international standards."

Launched in 1996, TV Markiza is the most popular national broadcaster in the Slovak Republic, reaching 97% of the population with an all-day audience share of 32 % in the first nine months of 2005.

Forward Looking Statements

This press release contains forward-looking statements, including statements regarding the expected completion of the transaction, the future performance of the station and our business strategies and commitments. For these statements and all other forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or are otherwise beyond our control and some of which might not even be anticipated. Future events and actual results, affecting our strategic plan as well as our financial position, results of operations and cash flows, could differ materially from those described in or contemplated by the forward-looking statements. Important factors that contribute to such risks include, but are not limited to, the rate of development of advertising markets in countries where we operate, general market and economic conditions in these countries as well as in the United States and Western Europe, the renewals of broadcasting licenses, the ability to acquire programming and the ability to attract audiences, the general regulatory environments where we operate and application of relevant laws and regulations.

CME is a TV broadcasting company with leading networks in six Central and Eastern European countries reaching an aggregate of approximately 90 million people. The Company's television stations are located in Croatia (Nova TV), Czech Republic (TV Nova, Galaxie Sport), Romania (PRO TV, Acasa, PRO Cinema), Slovakia (Markiza), Slovenia (POP TV, Kanal A) and Ukraine (Studio 1+1). CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV".

For additional information, please visit http://www.cetv-net.com/.

Source: Central European Media Enterprises Ltd.

CONTACT: Romana Tomasova, Director of Corporate Communications, Central
European Media Enterprises, +44 (0)20 7430 5357, romana.tomasova@cme-net.com;
or Jonathan Lesko or Mike Smargiassi (Investors), or Olga Shmuklyer (Press),
all of Brainerd Communicators, Inc., +1-212-986-6667

Web site: http://www.cetv-net.com/

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