Chief exec says market has reached bottom

Net revenues at Ron Lauder’s Central European Media Enterprises, a broadcaster with operations across Central and Eastern Europe, fell 33% year on year in the quarter ended Sept. 30, the company reported Tuesday.

Revenues dropped to $134.5 million in the third quarter, the fourth consecutive quarter to see a decrease.

But CEO Adrian Sarbu said the worst may be over. “We believe the markets have reached the bottom,” he said. “This is a new starting point. The macroeconomic prospects for 2010 have improved, and we expect advertising spending to follow.”

The company had a net loss of $21.6 million in the quarter compared with a loss of $19.3 million a year earlier.

Flagship station TV Nova in the Czech Republic reported operating income down $40.6 million for the quarter.

CME net revenues for the past nine months were $461.9 million, down 37% year on year.

“Our priority for 2010 is to convert our high audience and market share into higher revenues while managing costs rigorously,” Sarbu added.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0