Sales Corporation Central European Media Enterprises (CME) Ukrainian assets - 51% TV Studio 1 1 "and" Cinema "- was well appreciated by investors. As at 21.00 on Kiev time, CME shares were traded on the NASDAQ at $ 31.19 for a paper that 15.5% above their value before the announcement of the transaction.

"Despite the decline in asset prices, from $ 400 million to $ 319 million, we welcome the decision of the CME sell bad assets, given the unstable economic and political situation in the country" - said in yesterday"s report, investment bank Merrill Lynch. He estimated that the loss of SME in Ukraine in terms of EBITDA in 2010 would amount to $ 39 million, and in 2011 - another $ 30 million

transaction for the sale of Ukrainian assets will increase the cost of CME, and reduce the debt burden, which now totals $ 773 million, the report said. But bank analysts fear that the proceeds from the sale funds can be reinvested in other unprofitable market - Bulgaria.

"These two countries have been the Achilles heel of the company, but solving the problem with the Ukrainian headache, has not made a choice in favor of CME in Bulgaria?" - Asking analysts Merrill Lynch. In Bulgaria, the CME channel belongs Pro.BG with an audience share of 2% and sports Ring.BG (percentage not specified). "In contrast to the Ukrainian, Bulgarian assets would be difficult to sell" - Kommersant noted Merrill Lynch analyst Mary Rubanovskaya.

main asset of the CME in Ukraine - the channel Studio 1 1 "- first became unprofitable in 2008 - negative EBITDA was $ 32.9 million, whereas in 2006 figure was positive - $ 29.973 million in the message on NASDAQ CME, explained that the financial condition of the Ukrainian assets affected by the fall of the advertising market. In addition, CME prematurely terminated the contract with the salesman, puts-House "Priority", creating their own advertising sales department. Now the London International Arbitration Court considered the claim of "Video International" to the CME for compensation amounting to approximately $ 58 million for early termination of cooperation.

Such a negative assessment of the sale of Ukrainian assets reduces their attractiveness in the face of international investors. "My colleagues and I are doing everything to show the impact of their work, but such statements throw us a few steps back", - said director general of the channel "Ukraine" Waldemar Dziki. According to him, most local television stations in the crisis are unprofitable - the main reason is the drop in TV advertising market (last year, according to the Cortex, 17% - up to UAH 1.95 billion).

"Ukrainian media assets remain attractive to investment, but, alas, the timing of their return until more than 5 years. In particular, Russia, investors are still interested in acquiring this channel", - said the head of the holding StarLightMedia ( "New Channel", ICTV, STB, M1, M2, QTV) Alexander Bogutskiy.

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