Central European Media Enterprises Prices 54.436M Share Offering at $2.75/Share

Central European Media Enterprises (NASDAQ CETV) announced today the pricing of an underwritten public offering of 54,436,582 shares of its Class A common stock, par value $0.08 per share ("Class A common stock") at a public offering price of $2.75 per share before underwriting discounts and commissions. J.P. Morgan Securities LLC is acting as the sole book-running manager for the offering. CME has granted the underwriters an option to purchase from CME up to an additional 5,443,658 shares of Class A common stock. Time Warner Media Holdings B.V. ("Time Warner"), an affiliate of Time Warner Inc. and CME's largest shareholder, has exercised its preexisting contractual preemptive right and has committed to purchase 49.9% of the number of shares of Class A common stock sold in the offering, subject to certain limitations. The offering is expected to close on May 8, 2013, subject to customary closing conditions. In addition, subject to the closing of this offering and approval by our shareholders and certain other conditions, CME will sell to Time Warner $200,000,000 of its Series B Convertible Redeemable Preferred Stock, par value $0.08 per share ("Series B Convertible Redeemable Preferred Stock"),