Time Warner has received a financial boost in the Czech Republic, where it is a principal shareholder in CME’s TV Nova, the country’s leading broadcaster.
E15 reports that CME Media Services, a wholly owned subsidiary of CME, saw its revenues grow from CZK316 million (€12.5 million) in 2010 to CZK491 million last year.
At the same time, its profit rose from CZK13 to CZK18 million.
The company’s improved performance was down to the higher volume of services it provided both in the Czech Republic, which accounted for 27% of its business, and in other markets.
The Czech Nova Group as a whole had losses of CZK235 million last year, compared to an even higher CZK929 million in 2010.