Romania’s PRO TV 1Q Rev Dn 38% YY To $35.69M

The company’s EBITDA in the first quarter stood at $7.15 million, down from $23.38 million in the same period of 2008.

 

“The financial crisis had a strong impact on all businesses in Romania, including television (…). Exchange rate differences, the local currency against the U.S. dollar, also had a significant impact on the financial results, triggering a percentage of 37% on minus. Even so, PRO TV International and Sport.ro exceeded their financial efficiency compared to the first quarter of last year and PRO TV SA seems the only television business in Romania to have reported profit in the first quarter of this year,” Pro TV PR Director Maria Apostol said.

 

PRO TV SA company operates the television channels PRO TV, Acasa, PRO TV International, Pro Cinema, Sport.ro and MTV Romania.

 

PRO TV is part of Central European Media Enterprises Ltd., a European broadcaster founded by Ronald Lauder, son of the founders of Estee Lauder Inc.

 

On Wednesday, CME reported quarterly net revenues of $141.22 million, down 37% from $223.02 million in the first quarter of 2008.

 

EBIDTA stood at $15.47 million, from $65.47 million in the first quarter a year ago.

 

"The first quarter of 2009 was the toughest in our history across all markets. We foresaw this trend and have managed our sales and costs to limit the impact of the decline in advertising spending. Our leadership remains strong and our advertising share in our core markets increased. Our main priority for the quarter, liquidity, was successfully addressed.,” said Adrian Sarbu, President and Chief Operating Officer of CME.

 

“Time Warner agreed to invest $241.5 million in CME. I see this as a sign of confidence in our markets, people and strategy for the future," he added.

 

Time Warner, the world’s largest media group, bought a 30% stake in CME last month.

 

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

 

The company’s TV stations are located in Bulgaria (TV2 and Ring TV), Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema and Nova Sport), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV Markíza and Nova Sport), Slovenia (POP TV and Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International and Kino).