CME reports 41% increase in Q2 revenues

By FNE Staff

    Central European Media Enterprises (CME, www.cetv-net.com) announced net revenues for quarter two of 2008 increased 41%, to $305.4 million (197 million Euros), over 2007.

    EBITDA for the quarter increased 53%, to 86 million Euros. Net revenues for the first half of 2008 increased 45%, to 340 million Euros, and EBITDA increased 64%, to 134 million Euros, compared with first half 2007.

    CME's CEO Michael Garin attributed the gain to growing advertising markets, "driven by Czech and Romanian results ... ahead of even our own expectations." CME recently increased its stake in Ukranian station Studio 1+1 and moved into Croatia. Most recently, CME announced the purchase of two channels in Bulgaria.