ex99_1.htm

Net revenues for the fourth quarter of 2009 decreased 14% to $252.1 million, compared to the fourth quarter of 2008. EBITDA for the quarter decreased 45% to $44.1 million. Operating income for the quarter increased $302.2 million to $23.0 million. Net loss attributable to the shareholders of CME for the quarter was $(55.3) million compared to $(328.1) million for the three months ended December 31, 2008. Fully diluted loss per share for the three months ended December 31, 2009 decreased $6.86 to $(0.89).

Net revenues for the year ended December 31, 2009 decreased 30% to $714.0 million, compared to the year ended December 31, 2008. EBITDA for the year decreased 75% to $74.9 million. Operating loss decreased $44.6 million from $(127.8) million to $(83.2) million. The operating loss in 2009 includes an impairment charge of $81.8 million relating to the Company’s Bulgarian operations. Net loss attributable to the shareholders of CME for the year was $(97.2) million compared to $(269.5) million for the year ended December 31, 2008. Fully diluted loss per share for the year ended December 31, 2009 decreased $4.58 to $(1.79).

Adrian Sarbu, President and Chief Executive Officer of CME, commented: “An unprecedented economic crisis in our region reset TV ad spending 30% below 2008. US$ 800m of TV ad spend vanished in one year, dramatically reducing our revenues. In this difficult environment we strengthened our operations by maintaining audience share leadership, increasing market share and redefining ourselves as a vertically integrated media company. We are making the necessary corrections to our portfolio to achieve positive EBITDA in all our operations in 2010. This year we will focus our energy on increasing profitability across our three new divisions – broadcasting, internet and content.”

Consolidated net revenues for the three months ended December 31, 2009 decreased by 14% to $252.1 million from $291.5 million for the three months ended December 31, 2008. Operating income for the quarter was $23.0 million compared to a loss of $(279.2) million for the three months ended December 31, 2008. Net loss attributable to the shareholders of CME for the quarter was $(55.3) million compared to $(328.1) million for the three months ended December 31, 2008. Fully diluted loss per share for the three months ended December 31, 2009 decreased $6.86 to $(0.89).

	CONSOLIDATED RESULTS (Unaudited)
	For the Three Months Ended December 31, 2009 (US $000’s)
	2009			2008			$ change			% change
Net revenues	$	252,090		$	291,501		$	(39,411	)		(14	)%
EBITDA	$	44,126		$	79,773		$	(35,647	)		(45	)%
Operating income / (loss)	$	23,049		$	(279,169	)	$	302,220			108	%
Net loss attributable to CME	$	(55,250	)	$	(328,127	)	$	272,877			83	%
Fully diluted loss per share	$	(0.89	)	$	(7.75	)	$	6.86			89	%

Consolidated net revenues for the year ended December 31, 2009 decreased by 30% to $714.0 million from $1,019.9 million for the year ended December 31, 2008. Operating loss for the year was $(83.2) million compared to $(127.8) million for the year ended December 31, 2008. Net loss attributable to the shareholders of CMEfor the year was $(97.2) million compared to $(269.5) million for the year ended December 31, 2008. Fully diluted loss per share for the year ended December 31, 2009 decreased $4.58 to $(1.79).

1 EBITDA is defined in ‘Segment Data’ below, and includes corporate operating costs and stock-based compensation. We define EBITDA margin as EBITDA expressed as a percentage of net revenues. Consolidated EBITDA is equal to the EBITDA for each of our segments less corporate costs (which include non-cash stock-based compensation).

	CONSOLIDATED RESULTS
	For the Year Ended December 31, (US $000’s)
	2009			2008			$ change			% change
Net revenues	$	713,978		$	1,019,934		$	(305,956	)		(30	)%
EBITDA	$	74,903		$	296,893		$	(221,990	)		(75	)%
Operating loss	$	(83,180	)	$	(127,797	)	$	44,617			35	%
Net loss attributable to CME	$	(97,157	)	$	(269,546	)	$	172,389			64	%
Fully diluted loss per share	$	(1.79	)	$	(6.37	)	$	4.58			72	%

	OPERATING RESULTS (Unaudited)
	For the Three Months Ended December 31, (US $000's)
	2009			2008			$ change			% change
Net revenues – Broadcast operations	$	245,677		$	288,898		$	(43,221	)		(15	)%
Net revenues – Internet operations		3,577			2,603			974			37	%
Net revenues – Content operations		5,396			-			5,396			-	%
Eliminations		(2,560	)		-			(2,560	)		-	%
Net revenues	$	252,090		$	291,501		$	(39,411	)		(14	)%
EBITDA –Broadcast operations	$	61,532		$	96,137		$	(34,605	)		(36	)%
EBITDA – Internet operations		(2,832	)		(2,548	)		(284	)		(11	)%
EBITDA – Content operations		(266	)		-			(266	)		-	%
EBITDA – Corporate		(13,975	)		(13,816	)		(159	)		(1	)%
Eliminations		(333	)		-			(333	)		-	%
Consolidated EBITDA	$	44,126		$	79,773		$	(35,647	)		(45	)%
EBITDA Margin		18	%		27	%

	OPERATING RESULTS (Unaudited)
	For the Year Ended December 31, (US $000's)
	2009			2008			$ change			% change
Net revenues – Broadcast operations	$	701,024		$	1,010,403		$	(309,379	)		(31	)%
Net revenues – Internet operations		10,118			9,531			587			6	%
Net revenues – Content operations		5,396			-			5,396			-	%
Eliminations		(2,560	)		-			(2,560	)		-	%
Net revenues	$	713,978		$	1,019,934		$	(305,956	)		(30	)%
EBITDA –Broadcast operations	$	123,424		$	354,388		$	(230,964	)		(65	)%
EBITDA – Internet operations		(9,771	)		(8,708	)		(1,063	)		(12	)%
EBITDA – Content operations		(266	)		-			(266	)		-	%
EBITDA – Corporate		(38,151	)		(48,787	)		10,636			22	%
Eliminations		(333	)		-			(333	)		-	%
Consolidated EBITDA	$	74,903		$	296,893		$	(221,990	)		(75	)%
EBITDA Margin		10	%		29	%

CME will host a teleconference and video webcast to discuss its fourth quarter and full year 2009 results on Wednesday, February 24, 2010 at 9 a.m. New York time (2 p.m. London and 3 p.m. Prague time). The video webcast and teleconference will refer to presentation slides which will be available on CME's Website www.cetv-net.com prior to the call.

This press release contains forward-looking statements. For all 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. Forward-looking statements reflect our current views with respect to future events and because our business is subject to such risks and uncertainties, actual results, our strategic plan, our financial position, results of operations and cash flows could differ materially from those described in or contemplated by the forward-looking statements.

For a more detailed description of these uncertainties and other factors, please see the "Risk Factors" section in our Annual Report on Form 10-K for the year ended December 31, 2009, which was filed with the Securities and Exchange Commission on February 24, 2010. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise.

This press release should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2009, which was filed with the Securities and Exchange Commission on February 24, 2010. We make available, free of charge, on our website at www.cetv-net.com our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission.

CME is a vertically integrated media company operating leading broadcasting, internet and TV content businesses in seven Central and Eastern European countries with an aggregate population of approximately 97 million people. CME's television stations are located in Bulgaria (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), Slovenia (POP TV, Kanal A and TV Pika) and Ukraine (Studio 1+1, Studio 1+1 International and Kino). CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV".

###

For additional information, please visit www.cetv-net.com or contact:

Romana Tomasová,

Vice President - Corporate Communications,

Central European Media Enterprises

+420 242 465 525

romana.tomasova@cme-net.com

Page 6 of 9

	For the Year Ended December 31,
	2009			2008			2007
Net revenues	$	713,978		$	1,019,934		$	838,856
Operating expenses:
Operating costs		134,095			145,210			116,859
Cost of programming		389,900			438,203			327,230
Depreciation of station property, plant and equipment		53,651			51,668			32,653
Amortization of broadcast licenses and other intangibles		21,597			35,381			24,970
Cost of revenues		599,243			670,462			501,712
Selling, general and administrative expenses		116,072			140,517			126,688
Impairment charge		81,843			336,752			-
Operating (loss) / income		(83,180	)		(127,797	)		210,456
Interest expense, net		(112,855	)		(72,475	)		(49,208	)
Foreign currency exchange gain / (loss), net		82,461			(37,877	)		(34,409	)
Change in fair value of derivatives		1,315			6,360			(3,703	)
Other income		1,521			2,620			7,891
(Loss) / income from continuing operations before tax		(110,738	)		(229,169	)		131,027
Credit / (provision) for income taxes		3,193			(34,525	)		(20,822	)
(Loss) / income from continuing operations		(107,545	)		(263,694	)		110,205
Discontinued operations, net of tax		(262	)		(3,785	)		(4,480	)
Net (loss) / income		(107,807	)		(267,479	)		105,725
Net loss / (income) attributable to noncontrolling interests		10,650			(2,067	)		(17,107	)
Net (loss) / income attributable to CME	$	(97,157	)	$	(269,546	)	$	88,618

PER SHARE DATA:
Net (loss) / income per share:
Continuing operations – Basic	$	(1.78	)	$	(6.28	)	$	2.25
Continuing operations – Diluted		(1.78	)		(6.28	)		2.23
Discontinued operations – Basic		(0.01	)		(0.09	)		(0.11	)
Discontinued operations – Diluted		(0.01	)		(0.09	)		(0.11	)
Net (loss) / income attributable to CME – Basic		(1.79	)		(6.37	)		2.14
Net (loss) / income attributable to CME – Diluted	$	(1.79	)	$	(6.37	)	$	2.12

Weighted average common shares used in computing per share amounts (000’s):
Basic		54,344			42,328			41,384
Diluted		54,344			42,328			41,833

	For the Three Months Ended December 31,
	2009			2008
Net revenues	$	252,090		$	291,501
Operating expenses:
Operating costs		37,321			36,978
Cost of programming		130,828			130,977
Depreciation of station property, plant and equipment		15,350			12,632
Amortization of broadcast licenses and other intangibles		5,546			9,318
Cost of revenues		189,045			189,905
Selling, general and administrative expenses		39,996			44,013
Impairment charge		-			336,752
Operating income / (loss)		23,049			(279,169	)
Interest expense, net		(44,002	)		(20,854	)
Foreign currency exchange loss, net		(31,194	)		(32,290	)
Change in fair value of derivatives		5,759			20,031
Other income		1,130			1,013
Loss from continuing operations before tax		(45,258	)		(311,269	)
Provision for income taxes		(13,421	)		(15,047	)
Loss from continuing operations		(58,679	)		(326,316	)
Discontinued operations, net of tax		-			(1,251	)
Net loss	$	(58,679	)		(327,567	)
Net loss / (income) attributable to noncontrolling interests		3,429			(560	)
Net loss attributable to CME	$	(55,250	)	$	(328,127	)

PER SHARE DATA:
Net (loss) / income per share:
Continuing operations – Basic and Diluted	$	(0.89	)	$	(7.72	)
Discontinued operations – Basic and Diluted	$	0.00		$	(0.03	)
Net loss attributable to CME – Basic and Diluted	$	(0.89	)	$	(7.75	)

Weighted average common shares used in computing per share amounts (000’s):
Basic and Diluted		61,887			42,337

Until December 31, 2009, we managed our business on a geographic basis, and reviewed the performance of each segment using data that reflected 100% of operating and license company results. Our segments were comprised of Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic, Slovenia, Ukraine and Media Pro Entertainment. From January 1, 2010, we have divided our business into three divisions – broadcast, internet and content – and will report our performance on that basis from now on. We evaluate the performance of our segments based on net revenues and EBITDA, which is also used as a component in determining management bonuses.

EBITDA is determined as net income / (loss), which includes costs for program rights amortization costs, before interest, taxes, depreciation and amortization of intangible assets. Items that are not allocated to our segments for purposes of evaluating their performance and therefore are not included in EBITDA, include foreign currency exchange gains and losses; changes in the fair value of derivatives; and certain unusual or infrequent items (e.g., impairments of assets or investments).

	For the Three Months Ended December 31						For the Year Ended December 31
	2009			2008			2009			2008
Net Revenues
Bulgaria (1)	$	1,123		$	801		$	3,520		$	1,263
Croatia		17,939			16,498			49,139			54,651
Czech Republic		94,427			105,816			275,883			376,546
Romania		55,879			77,508			176,501			274,627
Slovak Republic		39,250			44,566			107,356			132,692
Slovenia		22,969			22,305			66,710			80,697
Ukraine		17,667			24,007			32,033			99,458
Romania (Media Pro Entertainment) (2)		5,396			-			5,396			-
Total Operating Segments	$	254,650		$	291,501		$	716,538		$	1,019,934
Corporate		-			-			-			-
Elimination		(2,560	)		-			(2,560	)		-
Total	$	252,090		$	291,501		$	713,978		$	1,019,934

EBITDA
Bulgaria (1)	$	(15,072	)	$	(7,084	)	$	(44,774	)	$	(10,185	)
Croatia		1,585			1,033			223			(5,415	)
Czech Republic		47,262			62,201			128,463			208,655
Romania		9,314			29,998			38,510			111,783
Slovak Republic		7,166			21,270			13,880			50,228
Slovenia		8,728			8,054			17,822			25,413
Ukraine		(283	)		(21,883	)		(40,471	)		(34,799	)
Romania (Media Pro Entertainment) (2)		(266	)		-			(266	)		-
Total Operating Segments	$	58,434		$	93,589		$	113,387		$	345,680
Corporate		(13,975	)		(13,816	)		(38,151	)		(48,787	)
Elimination		(333	)		-			(333	)		-
Total	$	44,126		$	79,773		$	74,903		$	296,893

	For the Three Months Ended December 31				For the Year Ended December 31
	2009		2008		2009		2008
Depreciation, Amortization and Impairment
Bulgaria (1)	$	808	$	66,956	$	86,084	$	68,312
Croatia		1,553		1,425		5,468		6,198
Czech Republic		8,428		9,431		28,632		41,165
Romania		3,818		3,567		14,303		15,148
Slovak Republic		3,225		2,592		12,226		10,988
Slovenia		1,811		1,294		6,343		5,526
Ukraine		956		273,437		3,738		276,464
Romania (Media Pro Entertainment) (2)		297		-		297		-
Total Operating Segments	$	20,896	$	358,702	$	157,091	$	423,801
Corporate		181		240		992		889
Elimination		-		-		-		-
Total	$	21,077	$	358,942	$	158,083	$	424,690

Operating income / (loss)
Bulgaria (1)	$	(15,880	)	$	(74,040	)	$	(130,858	)	$	(78,497	)
Croatia		32			(392	)		(5,245	)		(11,613	)
Czech Republic		38,834			52,770			99,831			167,490
Romania		5,496			26,431			24,207			96,635
Slovak Republic		3,941			18,678			1,654			39,240
Slovenia		6,917			6,760			11,479			19,887
Ukraine		(1,239	)		(295,320	)		(44,209	)		(311,263	)
Romania (Media Pro Entertainment) (2)		(563	)		-			(563	)		-
Total Operating Segments	$	37,538		$	(265,113	)	$	(43,704	)	$	(78,121	)
Corporate		(14,156	)		(14,056	)		(39,143	)		(49,676	)
Elimination		(333	)		-			(333	)		-
Total	$	23,049		$	(279,169	)	$	(83,180	)	$	(127,797	)