Strong Quarterly Figures at CME Point to East European TV Rebound
Time Warner holds nearly 50 percent of CME, which runs 33 channels in six central and eastern European countries.
Central European Media Enterprises (CME), the East European television group backed by Time Warner, saw second quarterly figures rebound strongly, leading the company to claim its turnaround "is well underway."
In figures released Tuesday, CME said pre-tax profits (OIBDA) for the second quarter were up five fold at $41.6 million compared with the $8 million for the same period last year. Turnover for the period was up nearly $30 million to $204.9 million year on year with operating income of $22.6 million compared with a loss of $4.6 million for the same period in 2013.
Half year figures showed turnover up $50 million to $356 million for the six months to June 30 and pre-tax profits of $39.3 million compared with a loss of $12.8 million for the same period in 2013. Time Warner holds a 49.9 percent stake in CME, which operates a network of 33 channels operating across central and eastern Europe.
Michael Del Nin, Co-CEO, said: "Our results demonstrate the continuing significant improvement in the company's financial position, and provide further evidence that our turnaround is well underway."
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Christoph Mainusch, Co-CEO added: "We reduced content costs while maintaining our audience share leadership, despite competition from the FIFA World Cup. This is proof of the strength of our content."
Neither executive commented on moves underway by Rupert Murdoch's entertainment company 21st Century Fox's to take over Time Warner, which owns a 49.9% stake in CME.