License Reissued to Reflect the New Ownership Structure

    HAMILTON, Bermuda, July 1 /PRNewswire-FirstCall/ -- Central European
Media Enterprises Ltd. ("CME") (Nasdaq/Prague Stock Exchange: CETV) today
announced that on June 30, 2008 it completed the purchase of 30% minority
interest in the Studio 1+1 group. CME has increased its ownership of Studio
1+1 to 90% and the remaining 10% interest is subject to a put and call
option. The Ukrainian media council has reissued the license for Studio 1+1
reflecting the new ownership structure.

    Michael Garin, CME's Chief Executive Officer, commented: "Completion of
this acquisition represents the successful execution of our longstanding
goal. I would like to thank Boris Fuchsmann and Alexander Rodnyansky for
their outstanding contribution in developing Studio 1+1 to its current
position. Ukraine represents more than 50% of the total population within
the CME footprint. Our objective is now to integrate all of our key Ukraine
assets and build Ukraine into our largest business in the CME family."

    Adrian Sarbu, CME's Chief Operating Officer, commented: "Ukraine is a
huge opportunity for CME and we will now work towards clear market
leadership. We will focus on local content production and the transfer of
expertise from our other markets. Sole control of our operations gives us
the ability to drive growth and margins as we did in the Slovak Republic.
We believe our Ukraine business can be just as profitable and successful as
our other markets."

    As previously announced, the 30% interest CME acquired includes
interests subject to options that Igor Kolomoisky assigned to CME. The
total consideration paid for the purchase of the 30% interest was US$219.6
million, of which US$79.6 million was paid in cash to Messrs Fuchsmann and
Rodnyansky and US$140 million was paid to Mr. Kolomoisky.

    Boris Fuchsmann and Alexander Rodnyansky have the right to put their
remaining 10% interest in the Studio 1+1 group to CME and CME has the right
to call this 10% interest from them. The put option has an initial minimum
price of US$95.4 million, which increases to US$102.3 million from the
first anniversary of the completion and to the greater of US$109.1 million
or an independent valuation from the second anniversary of the completion.
The call price is initially set at US$109.1 million. From the first
anniversary of the completion, the call price will be based on an
independent valuation with a minimum price of US$109.1 million. If CME
exercises its call rights, Messrs Fuchsmann and Rodnyansky have the right
to receive consideration in cash or shares of CME's Class A Common Stock.
Mr. Fuchsmann continues to hold one of the three seats on the Supervisory
Board of Studio 1+1.

    Launched in 1997, Studio 1+1 is one of the most popular national
broadcasters in Ukraine, reaching almost 47 million people with an all-day
audience share in 18+ demographic group of 13% and prime time audience
share of 14.6% in the first six months of 2008.

    Forward Looking Statements

    This press release contains forward-looking statements, including
statements regarding the future performance of our stations and our
business strategies and commitments. For these statements and all other
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. Future events and actual results, affecting our strategic plan
as well as our financial position, results of operations and cash flows,
could differ materially from those described in or contemplated by the
forward-looking statements. Important factors that contribute to such risks
include, but are not limited to, the rate of development of advertising
markets in countries where we operate, general market and economic
conditions in these countries as well as in the United States and Western
Europe, the renewals of broadcasting licenses, the ability to acquire
programming and the ability to attract audiences, the general regulatory
environments where we operate and application of relevant laws and
regulations.

    CME is a TV broadcasting company with leading networks in six Central
and Eastern European countries reaching an aggregate of approximately 90
million people. The Company's television stations are located in Croatia
(Nova TV), Czech Republic (TV Nova, Galaxie Sport, Nova Cinema), Romania
(PRO TV, Acasa, PRO Cinema, Sport.ro, MTV Romania, PRO TV International),
Slovakia (TV Markiza), Slovenia (POP TV, Kanal A) and Ukraine (Studio 1+1,
Studio 1+1 International, Kino and Citi). CME is traded on the NASDAQ and
the Prague Stock Exchange under the ticker symbol "CETV".

    For additional information, please visit http://www.cetv-net.com.