Operating income was also up, by 18 percent for the year, and by 11 percent for Q4.

The increase was largely due to improvements in the advertising market in the Czech Republic, Romania and Slovakia. Subscription rates also rose, by 8 percent overall.

CME operates 36 TV channels in six CEE countries.

Michael Del Nin, co-Chief Executive Officer, said: "We ended the year on a high note, with the biggest quarterly OIBDA result the Company has seen in five years, driving our highest fourth quarter OIBDA margin in almost a decade. Our full year results exceeded our most recent guidance, and in just three years we have grown OIBDA by almost US$ 200 million even with significant FX headwinds. This reflects significant progress in executing our strategy, and positions the company for continued growth in 2017 and beyond."

Christoph Mainusch, co-Chief Executive Officer, added: "We remained audience share leaders during 2016, and improved our relative position in all day in four countries, by leveraging our competitive advantages and making targeted investments in local programming amid heavy competition. Local content continues to attract larger audiences, so we continually refine our program grids and intend to maintain targeted investments in popular programming to remain the best partner for advertising on television."