Operating income for the quarter rose $28.4 million to $35 million. Fully diluted earnings per share for the period declined from$0.15 to a loss of -$0.45.

Net revenues for the nine months ended Sept. 30 rose 39% to $538 million compared with the first three quarters of 2006. Operating income of the Hamilton, Bermuda-based company increased by $54 million to $120.8 million.

"Our third quarter results highlight our continued strength of our operations across all markets," said CEO Michael Garin in a statement. "I am particularly pleased by the strong performance of our Ukrainian operations. We have recently increased our 2007 guidance and look forward to continuing our position as the fastest-growing multinational broadcaster."

CME operates TV stations in six Central and Eastern European countries.