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Central European Media Enterprises Announces Final Regulatory Approval of Previously Announced Sale of Croatian Assets, Expects to Complete Transaction in July

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Central European Media Enterprises Ltd. ("CME") (NASDAQ/Prague Stock
Exchange:CETV) today announced that United Group B.V. ("United Group")
has received the final requisite regulatory approvals to complete the
sale, previously announced on July 10, 2017, of our operations in
Croatia ("Nova TV") to Slovenia Broadband S.a r.l., a subsidiary of the
United Group. The transaction is expected to be completed on July 31,
2018. CME also previously announced on July 10, 2017 that it agreed to
sell its operations in Slovenia to the United Group, and that
transaction still remains subject to certain closing conditions,
including receipt of Slovenian regulatory approval.

Highlights of today's announcement:

  • The previously announced agreement to sell the Croatia and Slovenia
    operations was amended to allow closing of each business separately.
  • The cash purchase price for Nova TV in Croatia is €85.0 million
    (approximately $99.1 million) plus a working capital adjustment, which
    is still to be finalized.
  • Proceeds will be used to repay debt and related payables, including
    the remaining balance of the €40.8 million term loan due 2019,
    resulting in our nearest debt maturity being 2021.
  • The remaining agreement to sell our operations in Slovenia for €145.0
    million (approximately $169.0 million) plus any working capital
    adjustment, remains subject to certain closing conditions, including
    receipt of Slovenian regulatory approvals by United Group.
  • We agreed to extend the long-stop date of the Slovenia transaction to
    September 13, 2018, and the parties continue working to satisfy the
    applicable closing conditions.

Michael Del Nin, Co-Chief Executive Officer, commented: "We are
extremely pleased to see the final approvals to complete the sale of our
Croatian business, as it marks an important step towards the realization
of our deleveraging goals. The proceeds will immediately be used to
repay outstanding debt, completely retiring our nearest maturity and
contributing to an approximately 25% reduction in total gross debt since
the start of the year. We continue to cooperate with regulators in
Slovenia to complete the sale of our operations there, and will use the
proceeds expected on completion of that sale to reduce borrowings even
further."

Christoph Mainusch, Co-Chief Executive Officer, added: "We sincerely
thank the management team at Nova TV for their hard work over the years,
building the business into the leading network in the country. Their
expertise and experience will undoubtedly benefit the United Group as
Nova TV continues its long-standing tradition of providing the most
popular local content in Croatia."

CME is a media and entertainment company continuing to operate leading
businesses in four Central and Eastern European markets with an
aggregate population of more than 40 million people. CME's continuing
operations broadcast 26 television channels in Bulgaria (bTV, bTV
Cinema, bTV Comedy, bTV Action, bTV Lady and Ring), the Czech Republic
(Nova, Nova 2, Nova Cinema, Nova Sport 1, Nova Sport 2, Nova
International, Nova Action and Nova Gold), Romania (PRO TV, PRO 2, PRO
X, PRO GOLD, PRO CINEMA, PRO TV International, MTV Romania and PRO TV
Chisinau) and the Slovak Republic (TV Markíza, Markíza International,
Doma and Dajto). CME is traded on the NASDAQ Global Select Market and
the Prague Stock Exchange under the ticker symbol "CETV".

Forward-Looking Statements

This press release contains forward-looking statements. For all
forward-looking statements, we claim the protection of the safe harbor
for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are inherently
subject to risks and uncertainties, many of which cannot be predicted
with accuracy or are otherwise beyond our control and some of which
might not even be anticipated. Forward-looking statements reflect our
current views with respect to future events and because our business is
subject to such risks and uncertainties, actual results, our strategic
plan, our financial position, results of operations and cash flows could
differ materially from those described in or contemplated by the
forward-looking statements.

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