Central European Media Enterprises Reports Results For The Third Quarter And Nine Months Ended September 30, 2010

YTD Net income attributable to CME of $126.3 million

THIRD QUARTER - Net Revenues of $134.4 million - - OIBDA loss of $(4.5) million –

NINE MONTHS - Net Revenues of $479.7 million - - OIBDA of $42.5 million -

HAMILTON, BERMUDA, Oct. 27, 2010 (GLOBE NEWSWIRE) -- Central European Media Enterprises Ltd. ("CME" or the "Company") (Nasdaq:CETV) (Prague Stock Exchange - CETV) today announced financial results for the three months and nine months ended September 30, 2010.

Net revenues for the third quarter of 2010 increased $6.1 million to $134.4 million, compared to the third quarter of 2009. OIBDA¹ for the quarter decreased $2.0 million to a loss of $(4.5) million. Operating loss for the quarter increased $4.6 million to $25.3 million. Net income attributable to the shareholders of CME for the quarter increased $25.0 million to $3.4 million. Fully diluted income per share for the quarter increased by $0.40 to $0.05. Results for the third quarter of 2010 include the Media Pro Entertainment and bTV businesses acquired by CME in December 2009 and April 2010, respectively, and exclude CME's former Ukraine operations which were disposed of in April 2010.

Net revenues for the nine months ended September 30, 2010 increased $32.2 million to $479.7 million, compared to the nine months ended September 30, 2009. OIBDA for the nine months decreased $28.4 million to $42.5 million. Operating loss for the nine months decreased $44.2 million to $19.0 million. Net income attributable to the shareholders of CME for the nine months increased $168.2 million to $126.3 million, and fully diluted income per share for the nine months increased by $2.78 to $1.97.

Adrian Sarbu, President and Chief Executive Officer of CME, commented: "Our strategy to reposition CME as a vertically integrated media company is working. Our results today are stronger than a year ago. The recent refinancing has improved our liquidity position and we have started to repurchase debt opportunistically. The audience leadership and high operating leverage which we built, together with our strong liquidity, will enable us to further reduce gross debt and interest cost as our markets are expected to improve next year. With recovery continuing in the Czech Republic, Slovenia and Croatia in Q4, we are on track to deliver full year OIBDA guidance of $100 - 115 million."