The Central European Media Enterprises (CME) media group controlling PRO television network in Romania registered in the first quarter of the year revenues of 141.2 billion dollars, a 37% decrease compared to the same period, last year, the group's official data reveal.
Romania's operations registered revenues of 35.7 billion dollars, compared to 57.99 billion in the first quarter last year. CME President Adrian Sarbu declared that the first quarter of the year was the toughest in the group's history. We did everything we could to limit spending and thus buffer the impact of the advertising decline, Sarbu said.
The group's priority at the moment is to have liquidity, and, according to Sarbu, CME managed to contain the negative impact. Sarbu added that Time Warner agreed to invest in CME about 241.5 billion dollars.
At the group level, CME registered an operational loss of 84.5 billion dollars in the first quarter, compared to an operational gain of 45.47 billion dollars in the first quarter of last year.