Central European Media Enterprises Announces That Adrian Sarbu is Resigning as
Chief Executive Officer of the Company
HAMILTON, Bermuda, Aug. 21, 2013 (GLOBE NEWSWIRE) -- Central European Media
Enterprises Ltd. ("CME" or the "Company") (Nasdaq:CETV) (Prague Stock
Exchange:CETV) announced that effective today Adrian Sarbu is resigning as
President and Chief Executive Officer of the Company.
Mr. Sarbu has played a prominent role in the Company for nearly two decades.
Initially, he was CME's partner when CME launched Pro TV in Romania in 1995.
Subsequently, he served as Chief Operating Officer of the Company from 2007 to
2009. Since 2009 he has been President and CEO.
Ronald Lauder, CME's founder and Chairman of the CME Board of Directors, said
on behalf of the Board: "I would like to thank Adrian for his numerous
contributions to the success of CME and for the passion, dedication and
outstanding creative vision he has shown since 1995. Over this period, Adrian
drove the implementation of CME's multi-channel strategy and new media
initiatives. And he has worked diligently and successfully as CEO to maintain
the Company's market leading positions in difficult macroeconomic conditions
and a transitional period in the industry. We are grateful for Adrian's
leadership throughout and look forward to continuing to work with him in the
Adrian Sarbu said: "I am proud to have been a part of CME for nearly 20 years
and to have ensured the continued success of the Company through this very
challenging period. It is an outstanding organization with talented employees.
I am confident the Company is well positioned for the future. My mission at
CME is accomplished."
In order to ensure an orderly transition, Mr. Sarbu will continue to be
employed by CME until January 1, 2014. The Board has designated Duco
Sickinghe, a member of the Board, to lead a committee of directors to ensure a
smooth business transition while the committee conducts a search for a
The Board strongly supports the strategies undertaken by CME during 2013,
including important initiatives like the increases in television advertising
prices and carriage fees, which are expected to produce the most value from
CME's primary businesses, and result in strong performance from the Company.
CME is a media and entertainment company operating leading businesses in six
Central and Eastern European markets with an aggregate population of
approximately 50 million people. CME broadcasts television channels in
Bulgaria (bTV, bTV Cinema, bTV Comedy, bTV Action, bTV Lady and Ring.bg),
Croatia (Nova TV, Doma Nova World, and MiniTV), the Czech Republic (TV Nova,
Nova Cinema, Nova Sport, Fanda, Smichov, Telka and MTV Czech), Romania (PRO
TV, PRO TV International, Acasa, Acasa Gold, PRO Cinema, Sport.ro, MTV
Romania, PRO TV Chisinau and Acasa Moldova), the Slovak Republic (TV Markíza,
Doma, Dajto and Fooor), and Slovenia (POP TV, Kanal A, Brio, Oto and Kino).
CME also operates Voyo, the pan-regional video-on-demand service. CME is
traded on the NASDAQ Global Select Market and the Prague Stock Exchange under
the ticker symbol "CETV".
CONTACT: For further information visit: www.cme.net, or contact:
Head of Investor Relations
Central European Media Enterprises
+420 242 465 576
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