CME reduces debt

Central European Media Enterprises (CME) has announced financial results for the three ended June 30, 2012.

Net revenues for the second quarter of 2012 were $211.2 million compared to $249.7 million for the second quarter of 2011. OIBDA for the quarter was $47.1 million compared to $62.7 million for the three months ended June 30, 2011.  Operating income for the quarter was $23.7 million compared to $39.5 million for the same period in 2011. Net income attributable to CME for the quarter increased by $3.0 million from $1.0 million to $4.0 million for the three months.

Adrian Sarbu, CME’s President and CEO, commented: “By July 3, 2012 we had completed transactions with our major shareholders, Time Warner and Ronald Lauder, which reduced our debt by $185 million. Despite a seven per cent decline in advertising spending for the first half, our revenues year-on-year were flat in constant currencies, driven by growth in Media Pro Entertainment and New Media, where Voyo became a leader in the subscription video-on-demand segment. In the second half of the year, we will continue to focus on deleveraging, maintaining our leading audience and market shares, expanding non-advertising revenues, and delivering positive free cash flow.”

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