Central European Media Enterprises Completes Purchase of 30% Minority Interest in Studio 1+1 in Ukra

    License Reissued to Reflect the New Ownership Structure

    HAMILTON, Bermuda, July 1 /PRNewswire-FirstCall/ -- Central European
    Media Enterprises Ltd. ("CME") (Nasdaq/Prague Stock Exchange: CETV) today
    announced that on June 30, 2008 it completed the purchase of 30% minority
    interest in the Studio 1+1 group. CME has increased its ownership of Studio
    1+1 to 90% and the remaining 10% interest is subject to a put and call
    option. The Ukrainian media council has reissued the license for Studio 1+1
    reflecting the new ownership structure.

    Michael Garin, CME's Chief Executive Officer, commented: "Completion of
    this acquisition represents the successful execution of our longstanding
    goal. I would like to thank Boris Fuchsmann and Alexander Rodnyansky for
    their outstanding contribution in developing Studio 1+1 to its current
    position. Ukraine represents more than 50% of the total population within
    the CME footprint. Our objective is now to integrate all of our key Ukraine
    assets and build Ukraine into our largest business in the CME family."

    Adrian Sarbu, CME's Chief Operating Officer, commented: "Ukraine is a
    huge opportunity for CME and we will now work towards clear market
    leadership. We will focus on local content production and the transfer of
    expertise from our other markets. Sole control of our operations gives us
    the ability to drive growth and margins as we did in the Slovak Republic.
    We believe our Ukraine business can be just as profitable and successful as
    our other markets."

    As previously announced, the 30% interest CME acquired includes
    interests subject to options that Igor Kolomoisky assigned to CME. The
    total consideration paid for the purchase of the 30% interest was US$219.6
    million, of which US$79.6 million was paid in cash to Messrs Fuchsmann and
    Rodnyansky and US$140 million was paid to Mr. Kolomoisky.

    Boris Fuchsmann and Alexander Rodnyansky have the right to put their
    remaining 10% interest in the Studio 1+1 group to CME and CME has the right
    to call this 10% interest from them. The put option has an initial minimum
    price of US$95.4 million, which increases to US$102.3 million from the
    first anniversary of the completion and to the greater of US$109.1 million
    or an independent valuation from the second anniversary of the completion.
    The call price is initially set at US$109.1 million. From the first
    anniversary of the completion, the call price will be based on an
    independent valuation with a minimum price of US$109.1 million. If CME
    exercises its call rights, Messrs Fuchsmann and Rodnyansky have the right
    to receive consideration in cash or shares of CME's Class A Common Stock.
    Mr. Fuchsmann continues to hold one of the three seats on the Supervisory
    Board of Studio 1+1.

    Launched in 1997, Studio 1+1 is one of the most popular national
    broadcasters in Ukraine, reaching almost 47 million people with an all-day
    audience share in 18+ demographic group of 13% and prime time audience
    share of 14.6% in the first six months of 2008.

    Forward Looking Statements

    This press release contains forward-looking statements, including
    statements regarding the future performance of our stations and our
    business strategies and commitments. 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 rate of development of advertising
    markets in countries where we operate, general market and economic
    conditions in these countries as well as in the United States and Western
    Europe, the renewals of broadcasting licenses, the ability to acquire
    programming and the ability to attract audiences, the general regulatory
    environments where we operate and application of relevant laws and

    CME is a TV broadcasting company with leading networks in six Central
    and Eastern European countries reaching an aggregate of approximately 90
    million people. The Company's television stations are located in Croatia
    (Nova TV), Czech Republic (TV Nova, Galaxie Sport, Nova Cinema), Romania
    (PRO TV, Acasa, PRO Cinema, Sport.ro, MTV Romania, PRO TV International),
    Slovakia (TV Markiza), Slovenia (POP TV, Kanal A) and Ukraine (Studio 1+1,
    Studio 1+1 International, Kino and Citi). CME is traded on the NASDAQ and
    the Prague Stock Exchange under the ticker symbol "CETV".

    For additional information, please visit http://www.cetv-net.com.