CME sees Q1 revenue up, still reporting loss

Decline of TV ad revenue in Eastern Europe slowing

COLOGNE, Germany -- Things are still getting worse in TV ad markets in Central and Eastern Europe, but not as quickly as before. That was the message Wednesday from CME, the broadcasting group that controls channels in six eastern European markets, as it published its first quarter results.

CME increased Q1 revenue 5% to $143 million but still ended the quarter deep it in the red, with a net loss of $42.3 million. That, however, does represent a slight improvement over the same period last year.

Company CEO Adrian Sarbu said the pace of decline of TV ad revenue in Eastern Europe slowed in the first quarter and that he expected a turnaround, and single digit revenue growth, by the second half of this year.