"Our strategy to reposition CME as a vertically integrated media company is working. Our results today are stronger than a year ago. The recent refinancing has improved our liquidity position and we have started to repurchase debt opportunistically. The audience leadership and high operating leverage which we built, together with our strong liquidity, will enable us to further reduce gross debt and interest cost as our markets are expected to improve next year. With recovery continuing in the Czech Republic, Slovenia and Croatia in Q4, we are on track to deliver full year OIBDA guidance of $100 - 115 million," Sarbu said in a prepared statement.

The company's operations in the Czech Republic continue to be the largest source of income, followed by Romania; however the greatest gorwth was seen in its newer operations in Bulgaria. Its new media and Media Pro Entertianment divisions also show fast growth, while the traditional broadcast division remains relatively stable, with yeat to date OBIDA up 3.6%, at $8.225 million.

Operating loss for the company was $4.5 million for the 9-month period, compared with $2.5 million in 2009,

CME is a vertically integrated media and entertainment company operating broadcasting, internet and TV content businesses in six Central and Eastern European countries with an aggregate population of approximately 50 million people. CME's television stations are located in Bulgaria (bTV, bTV Cinema, bTV Comedy, Pro.bg and Ring.bg), Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema, Nova Sport and MTV Czech), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV Markíza and Doma) and Slovenia (POP TV, Kanal A and POP Brio). CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV".