Central European Media Enterprises Acquires Leading Blog Site in the Czech Republic

HAMILTON, Bermuda, May 27, 2008 /PRNewswire-FirstCall via COMTEX/ -- CETV | Quote | Chart | News | PowerRating -- Central European Media Enterprises Ltd. ("CME") (Nasdaq/Prague Stock Exchange: CETV | Quote | Chart | News | PowerRating) announced today that it has acquired 100% of Jyxo, s.r.o., the information technology provider and operator of the leading blog site in the Czech Republic, blog.cz, and Jyxo's affiliate BLOG Internet, s.r.o., from Michal Illich and Centralway Investment AG (www.centralway.com). The total consideration, which is payable in cash, shall be CZK 163 - 200 million (approximately US$ 10.2 - 12.5 million), depending on the achievement of certain operational objectives at the second anniversary of the acquisition.

Jyxo offers a number of Internet services including a proprietary full text search engine, pay-per-click advertising software solutions, blog technology and webmail services to companies in the Czech and Slovak Republics. It operates blog.cz, the largest blogging site in the Czech Republic, which currently has more than 400,000 active blogs and 2.5 million real users per month. Jyxo is also active in Hungary and Slovakia. In 2007, Jyxo and BLOG Internet delivered combined revenues of CZK 17.9 million (US$ 0.9 million) and operating profit of CZK 11.1 million (US$ 0.6 million). These results are according to Czech Accounting Standards, which differ in certain material respects from US GAAP. Both companies are debt free.

Michael Garin, CME's Chief Executive Officer, commented: "The addition of Jyxo and the leading blog site marks another key milestone in the evolution of CME's rapidly growing Internet offering. Jyxo and its talented employees have a proven track record of delivering many Internet solutions which we will be able to share between all our countries. We remain committed to becoming one of the leading online companies in our region. With this acquisition, along with the talents and track record of Michal, we have taken another important step towards achieving our ambition."

Michal Illich, the original founder and General Manager of Jyxo and BLOG Internet, will join TV Nova to head technical business development and help the channel enhance its Internet service offering. Mr. Illich commented: "Jyxo and BLOG Internet have made great strides over the past six years. Yet, I realized that taking these companies to the next level required a partner not only with a significant audience, but also the advertising expertise to leverage it. In TV Nova and CME, I found the ideal companies to join. I am eager to take advantage of CME's support, extensive resources and operational scale to expand and improve the services we deliver to our users."

TV Nova's General Director, Petr Dvorak, commented: "Blogging is one of the most useful and addictive services on the web. The addition of blog.cz to TV Nova's Internet portal takes us to the No. 3 position in the Czech Internet market in terms of the number of unique visitors. Jyxo's innovative technology and the blog.cz site will provide us with the ability to quickly engage with online communities that are of interest to our audiences and advertisers."

CME is a TV broadcasting company operating leading networks in six Central and Eastern European countries with an aggregate population of approximately 90 million people. The company's television stations are located in Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema, Galaxie Sport), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV Markiza, Galaxie Sport), Slovenia (POP TV, Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International, Kino, Citi). CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV."

SOURCE Central European Media Enterprises Ltd.

http://www.cetv-net.com

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