Central European Media Enterprises Gives Update on First Quarter 2009 Operational Performance

Central European Media Enterprises Gives Update on First Quarter 2009 Operational Performance

HAMILTON, Bermuda, March 23 /PRNewswire-FirstCall/ -- In conjunction with the announcement earlier today that Time Warner will invest in Central European Media Enterprises Ltd. ("CME" or the "Company") (Nasdaq/Prague Stock Exchange: CETV), the Company is providing an update on its expected operational performance for the first quarter of 2009. As CME previously indicated the macroeconomic environment has deteriorated and television advertising spending is now expected to decline in all its markets in 2009. CME expects to report revenues of US$ 135 million to US$ 145 million and Total Segment EBITDA between US$ 18 million and US$ 22 million for the quarter ended March 31, 2009 as compared to revenues of US$ 223 million and Total Segment EBITDA of US$ 75 million for the quarter ended March 31, 2008.

Adrian Sarbu, President and Chief Operating Officer of CME, commented, "In view of the weak trading conditions in our markets in the first quarter we have decided to update investors and analysts on our expected results. Advertisers have been cautious with their expenditure in response to rapidly changing conditions and the strength of the US dollar. As a result the first quarter of 2009 has been extremely challenging."

As previously reported, continuing decline in TV advertising may result in further impairment of some of CME's assets. Consequently the Company intends to conduct an impairment review during its first quarter close process.

The results presented here are only estimates and actual results may vary from the information presented here. Total Segment EBITDA is a non-U.S. GAAP financial measure. We do not present a reconciliation of anticipated Total Segment EBITDA for the quarter ended March 31, 2009 to an equivalent U.S. GAAP measure because we have a significant amount of debt that is denominated in Euros, and consequently our net earnings are subject to inherently unpredictable and potentially material foreign currency gains or losses.

CME is a broadcasting company operating leading networks in seven Central and Eastern European countries with an aggregate population of approximately 97 million people. CME's television stations are located in Bulgaria (TV2 and Ring TV), Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema and Nova Sport), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV Markiza), Slovenia (POP TV and Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International and Kino). CME is traded on the Nasdaq and the Prague Stock Exchange under the ticker symbol "CETV".

For further information visit: www.cetv-net.com, or contact:

Forward Looking Statements

This press release contains forward-looking statements, including those relating to our results of operations and business expectations. 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 effect of the credit crisis and economic downturn in our markets as well as in the United States and Western Europe; decreases in television advertising spending and the rate of development of the advertising markets in the countries in which we operate; the impact of any additional investments we make in our Bulgaria, Croatia and Ukraine operations; our effectiveness in implementing our strategic plan for the Studio 1+1 group in Ukraine; and our ability to acquire necessary programming and attract audiences.

Source: Central European Media Enterprises Ltd.

CONTACT: Romana Tomasova, Vice President Corporate Communications of
Central European Media Enterprises, +44(0)20-7430-5357, or
romana.tomasova@cme-net.com

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

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