International broadcaster Central European Media Enterprises (CME) said on Tuesday that its operating income before depreciation and amortisation (OIBDA) from operations in Bulgaria fell to $9.3 million (8.1 million euro) in the first six months of 2020 from $14.0 million in the same period of last year.
CME's net revenue in Bulgaria decreased to $32.2 million in the first half of this year from $41.9 million in the corresponding period of 2019, 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. The company's biggest shareholder currently is US giant AT&T. The company is also active in Romania, Slovenia, the Czech Republic and Slovakia.
The coronavirus pandemic started to affect negatively CME's business in March, with much of the downturn occurring in April and May, the international broadcaster also noted.
"Based on current bookings in July and August, spending appears to be returning to comparable levels seen in the same periods in 2019," CME said.
CME also said that it expects its deal with an affiliate of Dutch-registered PPF Group to be wrapped up before October 27, after PPF files a required notification on the deal with the European Commission in the third quarter.
Last year, CME's shareholders agreed to sell the company to an affiliate of PPF Group, owned by Czech businessman Petr Kellner, for some $2.1 billion. The parties to the deal announced at the time that they expect it to be wrapped up in the middle of 2020.
($ = 0.9204 euro)