You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

CME more than doubles Q1 OIBDA in Bulgaria

Author Mario Tanev
CME more than doubles Q1 OIBDA in Bulgaria Author: espensorvik. License: Creative Commons, Attribution 2.0 Generic.

SOFIA (Bulgaria), April 30 (SeeNews) - International broadcaster Central European Media Enterprises (CME) said on Tuesday that its operating income before depreciation and amortization (OIBDA) from operations in Bulgaria grew sharply to $6.1 million (5.5 million euro) in the first three months of the year from $3.0 million in the same period of 2018.

CME's revenue in Bulgaria edged down to $19.3 million in the first quarter of 2019 from $19.4 million in the corresponding period of last year, the company said in an interim financial statement.

CME's portfolio in Bulgaria comprises TV channels bTV, bTV Cinema, bTV Comedy, bTV Action, bTV Lady and Ring.

Earlier this year, CME announced that it has commenced a process to explore and evaluate potential strategic alternatives, including a possible sale of part or all of the company.

"The Board of Directors has formed a Special Committee comprised of independent directors to lead the process of reviewing the various strategic alternatives available. These may include, among other things, the sale of part or all of the company, a merger with another strategic partner, a recapitalization, or continuing to execute on CME’s long-term business plan," CME said at the time.

Elsewhere in Southeast Europe, the company is also active in Romania and Slovenia.

($ = 0.8942 euro)