Boom attributed to strong advertising market
PRAGUE — Central Europe’s fastest-growing media empire has announced a 41% net revenue growth year-on-year, producing earnings of $305.4 million in the second quarter.Central European Media Enterprises, which operates TV networks in six countries in the region reaching 90 million viewers, attributes the boom to the evolution of a strong advertising market, especially in the Czech Republic and Romania. CME’s TV Nova dominates the Czech airwaves and has recently announced forays into digital TV to augment its local film backing and stable of locally produced TV skeins. Topper Michael Garin also cited healthy growth in the web’s Croatian property, Nova TV (not to be confused with Prague’s TV Nova) as promising, saying he is optimistic about seeing similar development after CME’s acquisition of majority interest in Bulgaria’s terrestrial TV2 and sports cabler Ring TV, announced Tuesday. Regional currencies’ strength against the U.S. dollar has also improved the CME prospectus recently, say analysts.