Central European Media Enterprises reports results for the first quarter ended 31, 2011

• Q1 Net Revenues increased by 20% to US$ 172.8 million from US$ 143.6 million
• Q1 OIBDA increased to US$ 14.2 million from US$ 0.8 million

Net revenues for the first quarter of 2011 increased US$ 29.1 million to US$ 172.8 million, compared to the first quarter of 2010. OIBDA¹ for the quarter increased US$ 13.4 million to US$ 14.2 million. Operating loss for the quarter decreased by US$ 11.5 million to US$ (7.7) million. Net loss attributable to the shareholders of CME for the quarter improved to US$ (21.1) million compared to a loss of US$ (42.3) million for the first quarter 2010. Fully diluted loss per share for the quarter decreased by US$ 0.34 to US$ (0.33). Results for the first quarter of 2011 include the bTV group acquired by CME in April 2010 and exclude CME's former Ukraine operations, which were disposed of in April 2010.

Adrian Sarbu, President and Chief Executive Officer of CME, commented: "Our revenues and OIBDA significantly increased in the first quarter. We delivered positive free cash flow ahead of our target. This 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. In addition, our liquidity remained strong, and allowed us to buy back US$ 24 million of debt and refinance US$ 206.3 million of convertible notes due 2013. We remain confident that all our TV ad markets will grow in 2011."