CME is to create a “special purpose vehicle” to effectively split its unprofitable Bulgarian and Ukrainian TV interests from the rest of the company.
According to president and COO Adrian Sarbu, the move “will help us to preserve our liquidity and improve our ability to refinance the company.”
CME had a net debt of $1 billion (€710 million) at the end of Q1 and “aims to maintain about $300 million of cash as a cushion to run operations.”
Sarbu added that acquisitions are not currently a priority and that the company expects to return to net profit in 2011.
CME is one of the leading operators of commercial TV stations in CEE and secured Time Warner as a 31% shareholder earlier this year.
Its interests in Bulgaria include TV2 and Ring TV, while in Ukraine it operates the national station Studio 1+1, along with Studio 1+1 International and Kino.
About Chris Dziadul
"In an industry that experiences rapid change and often a confusing subsequent
constant supply of news, it is often refreshing to read an insightful perspective. Broadband
TV News and its editorial team regularly provide a context and
helpful analysis to breaking news.”
Broadband TV News is the must-read publication for those working in the Business of the Multiscreen Television. We deliver news, insight and data direct to your desktop. As well as our constantly updated website you can sign-up to our Daily and Weekly email bulletins. 
Connected TV Forecasts NEW REPORT. The number of TV sets connected to the Internet will reach 551 million by 2016 for the 40 countries covered in this report from Digital TV Research, up from 124 million at end-2010. The report states that this translates to 20% of global TV sets by 2016, up from only 6% at end-2010. Published in November 2011, this 83-page PDF report is the most geographically comprehensive to ever be published.