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CME's Jan-Sept OIBDA from Bulgarian operations rises, revenue edges down

Author Mario Tanev
CME's Jan-Sept OIBDA from Bulgarian operations rises, revenue edges down Author: espensorvik. License: Creative Commons, Attribution 2.0 Generic.

SOFIA (Bulgaria), October 17 (SeeNews) - International broadcaster Central European Media Enterprises (CME) said on Thursday its operating income before depreciation and amortization (OIBDA) from operations in Bulgaria rose to $16.4 million (14.8 million euro) in the first nine months of 2019 from $13.1 million in the same period last year.

Net revenues from Bulgarian operations fell to $58.0 million in the January-September period of the year from $59.2 million in the comparable period of 2018, CME said in an unaudited financial report.

In the third quarter alone, CME's OIBDA in Bulgaria nearly halved to $2.4 million from $4.5 million a year earlier, as revenue edged down to $16.1 million from $16.3 million the year before.

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 of exploring and evaluating potential strategic alternatives, including a possible sale of part or all of the company.

"The Board of Directors has formed a Special Committee comprising 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.

($ = 0.9024 euro)