CME Q1 Revenues Down

By FNE Staff

    Central European Media Enterprises (CME, www.cetv-net.com) reported a 3.1% decline in net revenues in the first quarter of 2012, falling to USD 167.4 million.

    Broadcast revenues accounted for the entire loss, declining by 6.8%. OBIDA also showed a slight decline of 1.3%, ending the quarter at USD 14.1 million. Operating losses were USD 10.3 million, from $7.7 million in Q1 2011.

    CME, which trades on NASDAQ as CETV, showed a rise of 8.22% on 1 May, closing at USD 8.56.

    CME announced a tender offer of USD 129.7 millionof its outstanding 3.50% Senior Convertible Notes due 2013, and also announed agreements with major shareholders Time Warner and Ronald Lauder to reduce indebtedness.