CME reports upturn in revenue, operating income

Central European Media Enterprises (CME) reported an upturn in revenues and operating income in Q3, the company’s strongest quarter of the year so far. Announcing its third quarter results, CME reported net revenues of US$140.1 million (€111 million), up 7% compared to last year, while operating income before depreciation and amortisation was US$2.9 million compared […]

CME appoints permanent CFO

CEE-focussed broadcast group CME has confirmed David Sturgeon as its permanent CFO. Sturgeon has been serving in the role since late 2013 and will now take the role on a full-time basis. He steps up from his previous role of deputy CFO having originally joined CME in 2005 as group financial controller. The appointment comes […]

CME sale talks “completely untrue” say co-CEOs

Central European Media Enterprises (CME) has dismissed recent reports that investment group PPF is in talks to buy the company or its flagship Czech channel TV Nova.  In an interview with Czech business newspaper Hospodářské noviny, CME co-CEO Michael Del Nin said the company sale speculation was “completely untrue,” and described TV Nova as “the […]

Time Warner taking control at CME

US media giant Time Warner is exerting greater control at Central and Eastern Europe-focussed broadcast group CME, and is set to increase its ownership stake further this month as a series of complex financial transactions play out. Time Warner boss Jeff Bewkes has talked about the “interesting long-term opportunities” at CME and a rights offering […]

CME appointments chairman, new board members

Central European Media Enterprises (CME) has appointed John K. Billock as chairman, at the same time as adding three additional directors to the board. Billock becomes non-executive chairman of the board, following the resignation last month of predecessor Ronald Lauder – who had been at the company for two decades. Billock also serves as a […]

Lauder leaves CME after two decades

Ronald Lauder, the founder of CME has resigned from the company’s board. Lauder started CME in 1994 with the launch of TV Nova in the Czech Republic. He has been non-executive chairman of the company for the ensuing twenty years. His departure from the Time-Warner backed Central and Eastern European broadcast group was made official […]

More management changes at CME

CEE-focussed broadcast group CME has appointed industry veteran Pavel Stanchev boss of its operations in Bulgaria. He will replace Vicky Politova, who is leaving CME at the end of the month “to pursue other interests”. Stanchev will oversee the free-to-air BTV channel in Bulgaria. He joins from Antenna South-East Europe where, as CEO, he has […]

Time Warner eyes ‘long-term opportunity’ at besieged CME

The CEO of Time Warner has confirmed he may hand the embattled broadcaster Central European Media Enterprises a loan providing it is “fair” for shareholders. Jeff Bewkes said yesterday: “We think CME has very interesting long-term opportunities. So while there’s no guarantee we will come to an agreement, we’ve been and remain very interested in […]

Analysts warn of approaching CME cash crunch

Credit analysts say that CME’s current financial position leaves it at risk of defaulting on debt payments unless new capital from its largest shareholder, Time Warner, or elsewhere is injected into the group. Moody’s says the European broadcast group’s credit rating is under review for downgrade in the wake of new guidance from the company […]

CME plans 1,000-person staff cut, looks to shed ‘non-core’ assets

Central European Media Enterprises (CME) has said that it plans to cut 1,000 members of staff by the end of the year and that it is in the process of reviewing its “non-core businesses,” after posting poor Q3 results. Speaking on the company’s earnings call yesterday, co-CEO Michael Del Nin said that in the last […]