Central European Media Enterprises Ltd. Reports Results For The First Quarter Ended March 31, 2012

Net revenues for the three months ended March 31, 2012 was US$ 167.4 million compared to $172.8 million for the same period in 2011. OIBDA1 for the three months ended March 31, 2012 was US$ 14.1 million compared to US$ $14.2 million for the first quarter in 2011. Operating loss for the three months ended March 31, 2012 was US$ (10.3) million compared to US$ (7.7) million in 2011. Net loss attributable to CME Ltd. for the three months ended March 31, 2012 improved by US$ 7.7 million to US$ (13.4) million compared to US$ (21.1) million for the same period in 2011. Fully diluted loss attributable to CME Ltd. per share for the three months ended March 31, 2012 improved by US$ 0.12 to US$ (0.21) compared to US$ (0.33) for the period ended March 31, 2011.

Adrian Sarbu, President and Chief Executive Officer of CME, commented: "We are taking significant steps to deleverage with support from two of our largest shareholders, Time Warner and Ronald Lauder. These steps, together with the planned expansion of subscription revenues, will position the company for growth in the future. Our priority in 2012 is to maintain our audience and market share leadership, grow OIBDA and deliver positive free cash flow."

1) OIBDA, which includes program rights amortization costs, is determined as operating income / (loss) before depreciation, amortization of intangible assets and impairments of assets as defined in "Segment Data" below.

Consolidated Results for the Three Months Ended March 31, 2012

Net revenues for the three months ended March 31, 2012 decreased by 3.1% to US$ 167.4 million from US$ 172.8 million for the three months ended March 31, 2011. Operating loss was US$ (10.3) million for the three months ended March 31, 2012 compared to US$ (7.7) million for the three months ended March 31, 2011. Net loss attributable to CME Ltd. for the three months ended March 31, 2012 improved by US$ 7.7 million to US$ (13.4) million compared to US$ (21.1) million for the three months ended March 31, 2011. Fully diluted loss attributable to CME Ltd. per share for the three months ended March 31, 2012 improved by US$ 0.12 to US$ (0.21) compared to US$ (0.33) for the period ended March 31, 2011.

OIBDA for the three months ended March 31, 2012 decreased by 1.3% to US$ 14.1 million from US$ 14.2 million in the period ended March 31, 2011. OIBDA margin2 for the three months ended March 31, 2012 increased to 8.4% compared to 8.2% for the three months ended March 31, 2011.

Headline consolidated results for the three months ended March 31, 2012 and 2011 were: