THIRD QUARTER
                   Net Revenues of $134.5 million 
                    EBITDA loss of $14.4 million 

                               NINE MONTHS
                    Net Revenues of $461.9 million
                        EBITDA of $30.8 million

HAMILTON, Bermuda, Oct. 27, 2009 (GLOBE NEWSWIRE) -- Central European Media Enterprises Ltd. ("CME" or the "Company") (Nasdaq:CETV) (Prague Stock Exchange:CETV) today announced financial results for the three months and nine months ended September 30, 2009.

Net revenues for the third quarter of 2009 were $134.5 million, a decrease of 33% compared to the third quarter of 2008. Operating income for the quarter decreased $40.6 million to a loss of $33.5 million. Net income from continuing operations decreased $5.7 million to a loss of $24.3 million, and fully diluted loss per share decreased by $0.10 to a loss of $0.35.

Net revenues for the nine months ended September 30, 2009 were $461.9 million, a decrease of 37% compared to the nine months ended September 30, 2008. Operating income for nine months ended September 30, 2009 decreased $257.6 million to a loss of $106.2 million. Net income from continuing operations decreased $111.5 million to a loss of $48.9 million, and fully diluted income per share decreased by $2.18 to a loss of $0.81.

Adrian Sarbu, President and Chief Executive Officer of CME, commented: "This is the fourth quarter of decline in our advertising markets. TV ad spending reset 30% lower than in 2008. We believe the markets have reached the bottom. This is a new starting point. The macroeconomic prospects for 2010 have improved and we expect advertising spending to follow. Our priority for 2010 is to convert our high audience and market share into higher revenues while managing costs rigorously. We believe in our ability to outperform the markets."

Results for the Three Months Ended September 30, 2009

Net revenues for the three months ended September 30, 2009 decreased by 33% to $134.5 million from $200.6 million for the three months ended September 30, 2008. Operating loss for the quarter was $33.5 million compared to an operating income of $7.2 million for the three months ended September 30, 2008. Net loss attributable to the shareholders of CME for the quarter was $21.6 million compared to $19.3 million for the three months ended September 30, 2008. Fully diluted loss per share for the three months ended September 30, 2009 decreased $0.10 to a loss of $0.35.

EBITDA(1) for the three months ended September 30, 2009 decreased to a loss of $14.4 million from positive EBITDA of $31.6 million in the three months ended September 30, 2008. EBITDA margin for the three months ended September 30, 2009 was -11% compared to +16% in the three months ended September 30, 2008.

 (1) EBITDA is defined in 'Segment Data' below, and includes corporate
     operating costs and stock-based compensation. We define EBITDA margin
     as EBITDA expressed as a percentage of net revenues. Consolidated
     EBITDA is equal to the EBITDA for each of our segments less corporate
     costs (which include non-cash stock-based compensation). 

Headline results for the three months ended September 30, 2009 and 2008 were:

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                                         RESULTS (Unaudited)
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                           For the Three Months Ended September 30, 2009
                                             (US $000's)
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                                  2009      2008    $ change  % change
                                ----------------------------------------

 Net revenues                   $134,482  $200,601  $(66,119)      (33)%
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 EBITDA                         $(14,354) $ 31,556  $(45,910)     (145)%
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 Operating (loss) / income      $(33,450) $  7,155  $(40,605)     Nm(1)
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 Net loss attributable to CME   $(21,550) $(19,330) $ (2,220)      (11)%
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 Fully diluted loss per share   $  (0.35) $  (0.45) $  (0.10)      (22)%
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  (1) Number is not meaningful

Results for the Nine Months Ended September 30, 2009

Net revenues for the nine months ended September 30, 2009 decreased by 37% to $461.9 million from $728.4 million for the nine months ended September 30, 2008. Operating loss for the period was $106.2 million compared to operating income of $151.4 million for the nine months ended September 30, 2008. Net loss attributable to the shareholders of CME for the period was $41.9 million compared to net income of $58.6 million for the nine months ended September 30, 2008. Fully diluted loss per share for the nine months ended September 30, 2009 was $0.81, a decrease of $2.18 compared to the nine months ended September 30, 2008.

EBITDA for the nine months ended September 30, 2009 decreased to $30.8 million from $217.1 million in the nine months ended September 30, 2008.