Central and Eastern European broadcaster Central European Media Enterprises (CME) has seen its financial results for the first quarter of the year rebound as a result of its acquisition of Bulgarian broadcaster bTV.
The company posted a 20.3% rise in first quarter revenues to US$172.8 million (118.4 million) from US$143.6 million last year. The broadcaster also posted a net loss of US$21.1 million, compared to the US$42.3 million loss last year, an improvement the group has attributed to improving advertising revenues in its six major central and eastern European markets.
ÂThis is a result of our continued audience and market leadership, rigorous cost control, the positive contribution of the bTV group in Bulgaria and growth in both Media Pro Entertainment and the new media division,Â said president and CEO Adrian Sarbu. ÂWe remain confident that all our TV ad markets will grow in 2011.Â
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