Central European Media Enterprises Completes Acquisition for Control of TV Markiza in the Slovak Republic

Central European Media Enterprises Completes Acquisition for Control of TV Markiza in the Slovak Republic

HAMILTON, Bermuda, Jan. 23 /PRNewswire-FirstCall/ -- Central European Media Enterprises Ltd. ("CME") (Nasdaq/Prague Stock Exchange: CETV) today announced that it has completed the acquisition of a controlling interest in TV Markiza, the leading television broadcaster in the Slovak Republic. CME has also increased its economic interest to 80% in connection with this transaction.

CME's voting interest in the local operating company STS has increased from 49% to 89.8% 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 consideration paid at completion was approximately US $24.4 million. Deferred consideration of approximately US $5.1 million is payable on May 31, 2006.

Michael Garin, CME's Chief Executive Officer, commented: "Markiza is an outstanding asset and the completion of this acquisition represents the successful execution of a longstanding goal of CME. We expect improved performance to result from our assuming control of operations and our ability to fully consolidate the results of TV Markiza will improve the transparency of our results and simplify reporting. In addition, acquiring control of TV Markiza in advance of the station's license renewal is a significant accomplishment. CME is strongly committed to broadcasting in the Slovak Republic and we will ensure 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".

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;
Jonathan Lesko, 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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