Central European Media Enterprises Wins the Treasury Today Adam Smith Award for Best Practice and Innovation for CME's 2008 Convertible Financing

Central European Media Enterprises Wins the Treasury Today Adam Smith Award for Best Practice and Innovation for CME's 2008 Convertible Financing

HAMILTON, Bermuda, June 20 /PRNewswire-FirstCall/ -- Central European Media Enterprises Ltd. ("CME") (Nasdaq/Prague Stock Exchange: CETV) announced today that it has been awarded the Treasury Today Adam Smith Award for Best Practice and Innovation 2008 in the Leveraging Corporate Debt Solutions category. Treasury Today is Europe's largest corporate treasury publication and is read by more than 40,000 corporate treasurers each month. The award recognizes the achievement and performance of the CME management team in delivering US$ 401 million of additional financing to the company in extremely difficult credit markets.

Michael Garin, CME's Chief Executive Officer, commented: "Our recent convertible debt offering in March 2008 was an incredible performance in abysmal market conditions and again demonstrated the ability of our Treasury and Legal teams to deliver an innovative transaction under intense pressure. I am extremely pleased that their efforts and professionalism have been recognized and acknowledged."

Richard Parkinson, Managing Director of Treasury Today said: "The judging criteria for these awards are tough and the competition was extremely strong. Winning entries needed to demonstrate tangible results in the form of cost savings and above average ROI, through to exceptional implementation and quantitative improvements in efficiency. To have won this Award is therefore a significant accolade for CME."

CME will use the proceeds from the financing to close its buyout of the minority partners in Studio 1+1 which is expected to happen in the next few weeks.

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

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Source: Central European Media Enterprises Ltd.

CONTACT: Romana Tomasova, Director of Corporate Communications, Central
European Media Enterprises, +44 20 7430 5357, romana.tomasova@cme-net.com

Web site:

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

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