OIBDA for the year was also down, to 125.4 m US$ compared to 167.0 m US$ in 2011.

Operating loss for the year was 488.2 m US$ compared to operating income of 6.8 m US$ in 2011. Net loss for the year was 546.4 m US$ compared to 179.6 m US$ in 2011.

Net revenues for the fourth quarter of 2012 were also down, at 253.3 m US$ compared to 276.9 m US$ for the fourth quarter of 2011.

Losses were primarily in the broadcast segment, while CME’s production company Media Pro Entertainment saw growth of 9.5 percent, to 205.1 m US$. New Media continued to show the strongest growth, up 18.6 percent, to 18.7 m US$.

CME shares which trade on NASDAQ and the Prague Stock Exchange under the symbol CETV dropped 7.77 percent following the release of the annual report, ending the day at 4.87 US$.

Adrian Sarbu, CME's President and CEO, said, “Our performance this year reflected the tough market conditions in 2012. Challenging times require bold actions: increasing advertising prices and carriage fees. With strong leadership positions in all our markets, no debt due until November 2015 and the support of our major shareholders, we are looking forward into 2013 with confidence that we can build upon our strengths and increase our revenues. We are planning to restructure our operating model, to reduce the cost base and improve our capital structure and liquidity.”

CME is a media and entertainment company operating TV stations in Bulgaria, Croatia, Czech Republic, Romania, Slovakia, and Slovenia.