HAMILTON, Bermuda, April 20, 2010 (GLOBE NEWSWIRE) -- Central European Media Enterprises Ltd. ("CME") (Nasdaq:CETV) (Prague Stock Exchange:CETV) today closed its previously announced transaction to acquire from News Corporation (Nasdaq:NWS) the bTV group in Bulgaria, which includes bTV, the leading free-to-air commercial television channel in Bulgaria, as well as bTV Cinema and bTV Comedy cable channels and several radio stations. Total cash consideration was US$ 400 million plus a payment of $13 million for a working capital adjustment.
Adrian Sarbu, President and CEO of CME, commented: "The acquisition of the bTV group is a milestone for CME. We have now reset our business as a vertically integrated media and entertainment operation focused on Central and Eastern Europe. Our region is one of the most dynamic in the world and we look forward to returning to fast growth once our markets recover. Bulgaria will be the sixth country to implement CME's operating model whose success is based on audience leadership and high operating leverage across multichannel television, internet and content."
CME is a leading vertically integrated media and entertaining company operating broadcasting, internet and TV content businesses in six Central and Eastern European countries with an aggregate population of approximately 50 million people. CME's television stations are located in Bulgaria (bTV, bTV Cinema, bTV Comedy, Pro.bg and Ring.bg), Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema, Nova Sport and MTV Czech), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV Markíza, Doma) and Slovenia (POP TV, Kanal A and TV Pika). CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV".
Forward Looking Statements
This press release contains forward-looking statements, including those relating to CME's operations in Bulgaria. For these statements and all other forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or are otherwise beyond our control and some of which might not even be anticipated. Future events and actual results, affecting our strategic plan as well as our financial position, results of operations and cash flows, could differ materially from those described in or contemplated by the forward-looking statements. Important factors that contribute to such risks include, but are not limited to, our effectiveness in implementing our strategic plan our Bulgarian operations; the effect of the credit crisis and economic downturn in our markets as well as in the United States and Western Europe; decreases in television advertising spending and the rate of development of the advertising markets in the countries in which we operate; and our ability to acquire necessary programming and attract audiences.
For further information visit: www.cetv-net.com