Central European Media Enterprises (CME) says its acquisition by the Czech Republic’s PPF Group is likely to be finalised before October 27.
In a statement accompanying its latest set of results, the company adds that PPF Group is expecting to file the required notification with the European Commission in the third quarter.
CME’s net revenues in the second quarter amounted to $135,545,000, or 26.2% less than a year earlier at actual rates. Its OIBDA was $54,509,000 (-25.7%) and net income $31,102,000 (-29.4%).
Commenting on the results, Michael Del Nin and Christoph Mainusch, CME co-CEOs, said: “Our businesses have demonstrated a remarkable degree of resilience since the Covid-19 pandemic began to impact operations in March. Despite the very challenging environment, we have maintained our high margins, and cash flow in the first half of 2020 has actually increased over last year. While the pandemic has had a negative impact on advertising markets across our region, much of the downturn occurred in April and May, with June results reflecting a significant improvement in spending patterns. Based on current bookings in July and August, spending appears to be returning to comparable levels seen in the same periods in 2019. Our financial position remains strong, and we will continue taking a proactive approach in responding to the uncertainty created by the pandemic”.
CME is present in Bulgaria, the Czech Republic, Romania, Slovakia and Slovenia.
