CME Reports Second Quarter and First Half 2009 Results

HAMILTON, BERMUDA, July 29, 2009 – Central European Media Enterprises Ltd. (“CME” or the “Company”) (NASDAQ/Prague Stock Exchange - CETV) today announced financial results for the three months and six months ended June 30, 2009.

Net revenues for the second quarter of 2009 were $186.2 million, a decrease of 38.9% compared to the second quarter of 2008. Operating income for the quarter decreased $87.0 million to $11.7 million. Net income from continuing operations decreased $43.4 million to $22.1 million, and fully diluted income per share decreased by $1.01 to $0.47.

Net revenues for the six months ended June 30, 2009 were $327.4 million, a decrease of 38.0% compared to the first half of 2008. Operating income for the first half decreased $217.0 million to a loss of $(72.8) million. Net income from continuing operations decreased $105.8 million to a loss of $(24.6) million, and fully diluted income per share decreased by $2.25 to a loss of $(0.43).

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