CME turns the corner
May 7, 2014 11.45 Europe/London By Chris Dziadul
CMECentral European Media Enterprises (CME) has posted net revenues of $153.1 million for the first quarter, compared to $132.7 million for the corresponding period last year.
There were also improvements in its OIBDA (-$2.3 million compared to -$20.8 million) and its net loss (-$48.6 million compared to $109 million).
Commenting on the results, Michael Del Nin, co-CEO, commented: “The first quarter of 2014 demonstrates tangible results from our operating priorities, including increases in television advertising revenue and carriage fees. Having completed the rights offering and private placement and used the proceeds to discharge the 2016 Fixed Rate Notes, we can now focus our energy on operations to significantly improve financial performance throughout this year.”
Christoph Mainusch, co-CEO, added: “Despite increased programming investment by some of our competitors and the broadcast of the winter Olympics on other channels, our focus on efficient and targeted investments in programming led to all-day audience shares increasing in our four largest markets. Our brands and leading audience shares are our most valuable assets, and we are committed to maintaining our leadership positions in each country. And the results of our product performance in the first quarter of 2014 demonstrate our commitment to maintaining this audience share leadership.”