CME Romania 1H Rev $137.83M Vs $91.56M YY

Central European Media Enterprises Ltd., a European broadcaster founded by Ronald Lauder, son of the founders of Estee Lauder Inc., on Wednesday said its net revenues in Romania stood at $137.83 million in the first semester, up 50.5% from $91.56 million in the corresponding period a year ago.

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The broadcaster’s EBITDA profit in Romania was up 63.7% on the year to $61.69 million from $37.66 million, CME said in its financial report.

CME reported consolidated net revenues of $528.9 million in the first half of 2008, up 45% from $364.1 million in June 2007, boosted by good results on TV advertising segment and operation growth in Romania and Czech Republic in the second quarter.

“The outstanding second quarter performance demonstrates both the strength of our networks and the continuing growth of the advertising markets across all of our markets. Our second quarter 44% Segment EBITDA margin driven by Czech and Romanian results is ahead of even our own expectations. We are delighted to report the first quarter of positive EBITDA in Croatia. Our Croatian success gives us confidence that we will achieve a similar leadership in Bulgaria in the next few years,” CME’s Chief Executive Officer Michael Garin said.

On Tuesday, CME said it paid $172 million for an 80% stake in two Bulgarian television channels.

CME acquired the stakes in national channel TV2 and sport cable channel Ring TV from Top Tone Media Holdings, the company said in a statement.

In addition, CME bought a 30% stake in Ukraine’s Studio 1+1 for $219.6 million, thereby raising its interest in the broadcasting group to 90%.

“We are extremely pleased to have completed the buyout of the 30% minority interest in Studio 1+1. We intend to be the leading broadcaster in Ukraine with our operations generating $500 million of revenue and $200 million of Segment EBITDA in 2012,” said Adrian Sarbu, CME’s Chief Operating Officer.

CME, founded and chaired by Lauder, operates stations in six countries in central and eastern Europe.

The company's TV stations are located in Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema, Galaxie Sport ), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV Markiza, Galaxie Sport ), Slovenia (POP TV, Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International, Kino, Citi).

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