“Unfortunately, all sectors we operate in have been severely hit by the financial crisis, and we expect it to reflect further in our fourth quarter earnings”, said Adrian Sarbu (photo).

CME’s net profit in the second quarter slumped to $24 mln from $63.4 mln in 2008. Furthermore, CME expects 20-30% decline in ad revenues, due to the financial crisis, said Adrian Sarbu.

Markets where CME operates have reached the lowest point of recession in third quarter, Sarbu continued, and will remain at a low level until the end of 2009, except for Ukraine.

CME expects a recovery of the television industry in the first half next year.

CME is a media company that operates several television stations that reach approximately 97 million people across Eastern Europe.

The group operates stations in Croatia (TV Nova), Nova Sport and Nova Cinema in the Czech Republic, PRO TV, PRO TV International, ACASA, PRO CINEMA, Sport.ro and MTV Romania in Romania, TV Markíza, Nova Sport and Television Doma in the Slovak Republic, POP TV and Kanal A in Slovenia and Studio 1+1, 1+1 International and Kino in Ukraine.