8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported) May 5, 2010

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.

(Exact name of registrant as specified in its charter)

BERMUDA	0-24796	98-0438382
(State or other jurisdiction of incorporation and organisation)	(Commission File Number)	(IRS Employer Identification No.)
Mintflower Place, 4th floor 8 Par-La-Ville Rd, Hamilton, Bermuda		HM 08
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (441) 296-1431

Not applicable

 (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

We issued a press release announcing the results for the three months ended March 31, 2010.

The press release is furnished as Exhibit 99.1 and incorporated herein by reference.  Such information, including the Exhibits attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

The press release includes financial measures which are not presented in accordance with US GAAP.  Management believes that the presentation of the non-GAAP financial measures provides useful information to investors regarding the Company's results of operations because management itself uses the non-GAAP measures for the assessment of operational efficiencies and these measures also form the basis of bonus incentives for executive management and throughout the Company.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits

99.1 Press Release, dated May 5, 2010 (furnished only).

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, we have duly caused this report to be signed on our behalf by the undersigned thereunto duly authorized.

Date: May 5, 2010	/s/ David Sturgeon
	David Sturgeon Deputy Chief Financial Officer

EX-99.1

CENTRAL EUROPEAN MEDIA ENTERPRISES

REPORTS FIRST QUARTER 2010 RESULTS

- Q1 Net Revenues of $143.6 million

- Q1 EBITDA of $0.8 million

HAMILTON, BERMUDA, May 5, 2010 – Central European Media Enterprises Ltd. (“CME” or the “Company”) (NASDAQ/Prague Stock Exchange - CETV) today announced financial results for the three months ended March 31, 2010.

Net revenues for the first quarter of 2010 increased $7.3 million to $143.6 million, compared to the first quarter of 2009. EBITDA for the quarter decreased $26.9 million to $0.8 million.  Operating loss for the quarter decreased $52.2 million to $(19.1) million. Net loss from continuing operations increased $3.9 million to a loss of $(42.0) million, and fully diluted loss per share decreased by $0.38 to a loss of $(0.67).  Our former operations in Ukraine have been treated as discontinued operations for all periods presented. Results for the first quarter of 2010 include the Media Pro Entertainment businesses acquired by CME in December 2009.

Adrian Sarbu, President and Chief Executive Officer of CME, commented: “The recent completion of the Ukraine and Bulgaria transactions has consolidated our leaderships across all our six home markets. We have rebuilt CME as a vertically integrated media and entertainment company to better face the challenges in our industry.  Demand for TV advertising continued to decline in the first quarter although at a slower pace. Central and Eastern Europe will gradually emerge from the crisis during the first half of 2010 and in the second half the demand for TV advertising is expected to show single digit growth. As recovery progresses we will convert our leading audience and market shares into strong revenues and operating margins.”

- continued -

Page 2 of 8

Consolidated Results for the Three Months Ended March 31, 2010

Net revenues for the three months ended March 31, 2010 increased by 5% to $143.6 million from $136.3 million for the three months ended March 31, 2009.  Operating loss for the quarter was $(19.1) million compared to $(71.3) million for the three months ended March 31, 2009.  Net loss attributable to the shareholders of CME for the quarter was a loss of $(42.3) million compared to $(44.4) million for the three months ended March 31, 2009.  Fully diluted loss per share for the three months ended March 31, 2010 decreased $0.38 to a loss of $(0.67).  Our former operations in Ukraine have been treated as discontinued operations for all periods presented.  

EBITDA(1) for the three months ended March 31, 2010 decreased from $27.7 million in the three months ended March 31, 2009 to $0.8 million.

Headline Consolidated Results for the three months ended March 31, 2010 and 2009 were:

	CONSOLIDATED RESULTS (Unaudited)
	For the Three Months Ended March 31, (US $000’s)
	2010			2009			$ change			% change
Net revenues	$	143,641		$	136,320		$	7,321			5	%
EBITDA	$	841		$	27,746		$	(26,905	)		(97	)%
Operating loss	$	(19,133	)	$	(71,284	)	$	52,151			73	%
Net loss attributable to CME	$	(42,294	)	$	(44,438	)	$	2,144			5	%
Fully diluted loss per share	$	(0.67	)	$	(1.05	)	$	0.38			36	%

Segment Results

We evaluate the performance of our operations based on Net Revenues and EBITDA (earnings before interest, taxes, depreciation and amortization).

Our net revenues and Consolidated EBITDA for the three months ended March 31, 2010 and 2009 were:

	SEGMENT RESULTS (Unaudited)
	For the Three Months Ended March 31, (US $000's)
	2010			2009			$ change			% change
Net Revenues – Broadcast	$	135,425		$	134,525		$	900			1	%
Net Revenues – New Media		2,021			1,757			264			15	%
Net Revenues – Media Pro Entertainment		28,043			14,411			13,632			95	%
Eliminations		(21,848	)		(14,373	)		(7,475	)		(52	)%
Net Revenues	$	143,641		$	136,320		$	7,321			5	%
EBITDA – Broadcast	$	17,817		$	37,688		$	(19,871	)		(53	)%
EBITDA – New Media		(3,384	)		(1,564	)		(1,820	)		(116	)%

1EBITDA is defined in ‘Segment Data’ below. Consolidated EBITDA is equal to the EBITDA for each of our segments less central costs (which include non-cash stock-based compensation).

Page 3 of 8

	SEGMENT RESULTS (Unaudited)
	For the Three Months Ended March 31, (US $000's)
		2010			2009			$ change		% change
EBITDA – Media Pro Entertainment		(2,033	)		(1,437	)		(596	)	(42	)%
EBITDA – Central		(10,812	)		(4,259	)		(6,553	)	(154	)%
Eliminations		(747	)		(2,682	)		1,935		72	%
Consolidated EBITDA	$	841		$	27,746		$	(26,905	)	(97	)%

CME will host a teleconference and video webcast to discuss its first quarter results on Wednesday, May 5, 2010 at 9:00 a.m. New York time (2:00 p.m. London time and 3:00 p.m. Prague time). The video webcast and teleconference will refer to presentation slides which will be available on CME’s website at www.cetv-net.com prior to the call.

To access the teleconference, U.S. and international callers may dial +1 785-424-1051 ten minutes prior to the start time and reference passcode: 7CETVQ1. The conference call will be video webcasted live via www.cetv-net.com.

The video webcast will be archived on www.cetv-net.com for two weeks. Additionally, a digital audio replay in MP3 format will be available for two weeks following the call at www.cetv-net.com .

Page 4 of 8

Forward-Looking and Cautionary Statements

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 Quarterly Report on Form 10-Q for the three months ended March 31, 2010, which was filed with the Securities and Exchange Commission on May 5, 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 Quarterly Report on Form 10-Q for the three months ended March 31, 2010, filed with the Securities and Exchange Commission on May 5, 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 and entertainment company operating leading 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 and 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”.

###

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 5 of 8

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

(US$ 000’s, except share and per share data)

(Unaudited)

	For the Three Months Ended March 31,
	2010			2009
Net revenues	$	143,641		$	136,320
Operating costs		27,280			25,273
Cost of programming		87,786			64,448
Depreciation of station property, plant and equipment		14,114			11,112
Amortization of broadcast licenses and other intangibles		5,149			5,687
Cost of revenues		134,329			106,520
Selling, general and administrative expenses		28,445			19,241
Impairment charge		-			81,843
Operating loss		(19,133	)		(71,284	)
Interest expense, net		(30,875	)		(20,692	)
Foreign currency exchange gain, net		9,557			37,054
Change in fair value of derivatives		(3,656	)		6,130
Other (expense) / income		(270	)		104
Loss from continuing operations before tax		(44,377	)		(48,688	)
Income tax credit		2,391			10,583
Loss from continuing operations		(41,986	)		(38,105	)
Discontinued operations, net of tax		(3,922	)		(8,835	)
Net loss		(45,908	)		(46,940	)
Net loss attributable to noncontrolling interests		3,614			2,502
Net loss attributable to CME Ltd.	$	(42,294	)	$	(44,438	)
PER SHARE DATA:
Net loss per share
Continuing operations – Basic and Diluted	$	(0.61	)	$	(0.84	)
Discontinued operations – Basic and Diluted		(0.06	)		(0.21	)
Net loss attributable to CME Ltd common shareholders – Basic and Diluted	$	(0.67	)	$	(1.05	)
Weighted average common shares used in computing per share amounts (000s):
Basic and Diluted		63,537			42,337

Page 6 of 8

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.

CONSOLIDATED BALANCE SHEETS

(US$ 000’s)

(Unaudited)

	March 31, 2010			December 31, 2009
ASSETS
Cash and cash equivalents	$	463,375		$	445,954
Restricted cash		30,985			1,046
Assets held for sale		93,458			86,349
Other current assets		315,355			348,112
Total current assets		903,173			881,461
Property, plant and equipment, net		256,066			274,710
Goodwill and other intangible assets		1,437,305			1,489,516
Other non-current assets		233,979			227,100
Total assets	$	2,830,523		$	2,872,787
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities	$	177,789		$	199,175
Credit facilities and obligations under capital leases		56,482			117,910
Liabilities held for sale		29,488			22,193
Other current liabilities		50,614			12,840
Total current liabilities		314,373			352,118
Credit facilities and obligations under capital leases		131,596			6,030
Senior Debt		1,203,718			1,253,928
Other non-current liabilities		83,719			88,871
Total liabilities		1,733,406			1,700,947
EQUITY
Common Stock		5,083			5,083
Additional paid-in capital		1,412,278			1,410,587
Accumulated deficit		(376,287	)		(333,993	)
Accumulated other comprehensive income		64,808			95,912
Total CME Ltd. shareholders’ equity		1,105,882			1,177,589
Noncontrolling interests		(8,765	)		(5,749	)
Total equity		1,097,117			1,171,840
Total liabilities and equity	$	2,830,523		$	2,872,787

Page 7 of 8

Segment Data

From January 1, 2010, we manage our business on a divisional basis with three operating segments – Broadcast, New Media and Media Pro Entertainment.  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 divisional EBITDA, include foreign currency exchange gains and losses; changes in the fair value of derivatives; stock-based compensation and certain unusual or infrequent items (e.g., impairments of assets or investments).

Below are tables showing each of our Net Revenues and EBITDA by operation for the three months ended March 31, 2010 and 2009, together with a reconciliation of EBITDA to our Consolidated Statement of Operations:

(US $000's)	For the Three Months Ended March 31,
	2010			2009
Net Revenues
Broadcast:
Bulgaria	$	940		$	595
Croatia		11,725			10,080
Czech Republic		54,300			55,456
Romania		36,547			35,521
Slovak Republic		18,090			20,462
Slovenia		13,823			12,411
Total Broadcast	$	135,425		$	134,525
New Media	$	2,021		$	1,757
Media Pro Entertainment	$	28,043		$	14,411
Eliminations		(21,848	)		(14,373	)
Total	$	143,641		$	136,320

Page 8 of 8

(US $000's)	For the Three Months Ended March 31,
		2010			2009
EBITDA
Broadcast:
Bulgaria		$	(9,070	)	$	(6,415	)
Croatia			881			132
Czech Republic			22,184			25,287
Romania			4,529			9,774
Slovak Republic			(3,305	)		5,899
Slovenia			3,084			3,011
Divisional overheads			(486	)		-
Total Broadcast		$	17,817		$	37,688
New Media		$	(3,384	)	$	(1,564	)
Media Pro Entertainment		$	(2,033	)	$	(1,437	)
Central			(10,812	)		(4,259	)
Eliminations			(747	)		(2,682	)
Total		$	841		$	27,746
Reconciliation to Consolidated Statement of Operations:
Loss from continuing operations		$	(41,986	)	$	(38,105	)
Income tax credit			(2,391	)		(10,583	)
Other expense / (income)			270			(104	)
Change in fair value of derivatives			3,656			(6,130	)
Foreign currency exchange gain, net			(9,557	)		(37,054	)
Interest expense, net			30,875			20,692
Operating loss			(19,133	)		(71,284	)
Depreciation of property, plant and equipment			14,825			11,500
Amortization of intangible assets			5,149			5,687
Impairment			-			81,843
		$	841		$	27,746