CME’s net revenues on the Romanian market – coming from the PRO TV, PRO TV International, Acasa TV, PRO Cinema, Sport.ro, and MTV Romania television stations – fell to $35.6 million in the first three months of this year from $57.9 mln in Q1 2008. The level of earnings before interest, taxes, depreciation, and amortization (EBITDA) dropped to $7.1 mln from $23.3 mln in Q1 2008.
“The first quarter of 2009 was the toughest in our history across all markets. We foresaw this trend and have managed our sales and costs to limit the impact of the decline in advertising spending. Our leadership remains strong and our advertising share in our core markets increased. Our main priority for the quarter, liquidity, was successfully addressed. Time Warner agreed to invest $ 241.5 million in CME. I see this as a sign of confidence in our markets, people and strategy for the future,” Sarbu said.
