02-12-2008

CME projects slowdown

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Central European Media Enterprises (CME) CEO Michael Garin said the company plans to see a slowing of its growth rate in its Central European markets.

Speaking at the Reuters Media Summit on December 1, Garin was quoted by Reuters as saying, "We are preparing for a slowdown in the rate of growth, but not a decline." He was referring to CME stations in its six Central European markets, adding that Ukraine was an "unknown."

Along with the Ukraine, CME broadcasts in Czech Republic, Slovakia, Bulgaria, Slovenia, Romania, and Croatia, reaching a total of 100 million viewers across the region.

CME saw a volatile downturn in its stock price in recent weeks. It fell from a 52-week high of $117.51 to a 52-week low of $9.00 on NASDAQ, where it trades as CETV. In the Czech Republic, trading was temporarily suspended on the Prague stock exchange in late October when the stock plunged 28% in one day. CETV dipped below 13 on December 1, but rallied to a high of $15.07 on Tuesday.

Garin said that the company did not see any opportunities for expansion at this time.