Consolidated net revenues in Q4 fell by 14% year-on-year to $252.1 million (€185.7 million), while EBITDA decreased by 45% to $44.1 million. Consolidated net revenues for the full year were meanwhile down by 30% to $714 million and EBITDA fell by 73% to $74.9 million. The net loss in 2009 amounted to $97.2 million.
Commenting on the results, Adrian Sarbu, CME’s president and CEO, said: An unprecedented economic crisis in our region reset TV ad spending 30% below 2008. $800 million 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.”
Rather than reporting on individual countries as it has done in the past, CME will from this year do so on the basis of three segments – broadcast, internet and content.