In the fourth quarter of last year, CME posted revenues of $276.9 million, up 8% from the fourth quarter of 2010, and OIBDA rose 25%, to $81.2 million, the broadcaster said in a press release Wednesday.
“In a difficult year we kept our promises: our revenues grew by 17%, our OIBDA increased by 56% and our cash flow improved by 96%. We outperformed the markets following successful implementation of our new business model: One Content, Multiple Distribution. We maintained our leadership in each country and reduced like-for-like costs. We have positioned the company on a strong path for growth with revenues driven not only by advertising but also by content and digital distribution. In 2012, we will focus on deleveraging, strengthening our leadership and fuelling new revenue engines,” said Adrian Sarbu, President and Chief Executive Officer of CME.
In Romania, the company’s operations grouped under Pro TV SA (which includes TV channels Pro TV, Acasa, Sport.ro, Pro Cinema, Pro TV International, and MTV International) posted revenues of $159.3 million, up from $157.4 million in 2010. In the fourth quarter alone, revenues stood at $46.9 million, from $48.2 million in the same period of 2010.
The company’s OIBDA for Romanian operations stood at $25.9 million in 2011, flat from 2010, but the fourth quarter operating profit increased to $8.5 million from $6.4 million in the same period a year earlier.
CME owns TV stations in six countries in Central and Eastern Europe – Czech Republic, Romania, Slovakia, Slovenia, Bulgaria and Croatia. Czech Republic and Romania are the main markets for CME, a group owned by businessman Ronald Lauder and U.S. media giant Time Warner.
CME operates in television, entertainment (Media Pro studios), and New Media. TV operations brought in revenues of $764.9 million last year, up 12%, the Media Pro division raked in $187.2 million (up 33%), while the new media division posted revenues of $15.7 million (up 40%).