HAMILTON, Bermuda, Jan. 20, 2010 (GLOBE NEWSWIRE) -- Central European Media Enterprises Ltd. ("CME") (Nasdaq:CETV)  (Prague Stock Exchange:CETV) announced today that it has entered into an agreement with Harley Trading Limited, a company beneficially owned by Igor Kolomoisky, to sell 100% of the Studio 1+1 and Kino channels for cash consideration of US$300 million plus an estimated US$19 million to fund cash expenses of the Studio 1+1 group between signing and closing of the transaction. The purchaser will make a payment of US$30 million to CME on February 1, 2010 and the balance of the purchase price will be paid at closing. The transaction is expected to close in the second half of April 2010.

Adrian Sarbu, President and CEO of CME, commented, "The sale of our Ukrainian operations is the best strategic option for CME in the current environment. It will allow us to concentrate on our existing operations in the European Union and EU accession countries. The sale will provide us with greater operational and strategic flexibility, increase our liquidity and sharpen our focus on developing our broadcasting, internet and content business. I look forward to continuing to work with Igor Kolomoisky, who will remain a director and shareholder of CME."

Igor Kolomoisky, added, "I have been working with CME for three years and I have great respect for their achievements in the Ukrainian market. CME built a strong brand with Studio 1+1 in Ukraine and developed a lot of talent over the last 13 years. I will continue to develop the TV stations successfully managed by CME in the past."

CME is a vertically integrated media company operating leading broadcasting, internet and TV content businesses in seven Central and Eastern European countries with an aggregate population of approximately 97 million people. CME's television stations are located in Bulgaria (Pro.bg and Ring.bg), Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema, Nova Sport and MTV Czech), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV Markíza, Doma), Slovenia (POP TV, Kanal A and TV Pika) and Ukraine (Studio 1+1, Studio 1+1 International and Kino). CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV."

Forward Looking Statements

This press release contains forward-looking statements, including those relating to our Ukraine operations. For these statements and all other forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or are otherwise beyond our control and some of which might not even be anticipated. Future events and actual results, affecting our strategic plan as well as our financial position, results of operations and cash flows, could differ materially from those described in or contemplated by the forward-looking statements. Important factors that contribute to such risks include, but are not limited to, the effect of the credit crisis and economic downturn in our markets as well as in the United States and Western Europe; decreases in television advertising spending and the rate of development of the advertising markets in the countries in which we operate; our effectiveness in implementing our strategic plan for the Studio 1+1 group in Ukraine; the performance of obligations by third parties with whom we have entered agreements and our ability to acquire necessary programming and attract audiences.

For further information visit: www.cetv-net.com

Central European Media Enterprises
Romana Tomasova, Vice President Corporate Communications 
+420242465525
romana.tomasova@cme-net.com