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Michael Garin’s Term Extended until 2010
August 1, 2006, Hamilton, Bermuda
Central European Media Enterprises Ltd. ("CME") (Nasdaq/Prague Stock Exchange: CETV) announced today that Michael Garin, CME's Chief Executive Officer, has entered into an amendment to his employment agreement. Pursuant to this amendment, the term of Mr. Garin's employment as Chief Executive Officer has been extended from January 31, 2008 to January 31, 2010.
Commenting on the announcement, Ronald Lauder, Chairman of CME, said: “The Board is delighted that Michael has agreed to extend his commitment to the company. Michael and his management team have delivered record results over last two and a half years. Under his management CME strengthened its position as the leading broadcaster in Central and Eastern Europe and significantly expanded its footprint. The Board looks forward to working with Michael to build further upon CME’s growth strategy over the coming years.”
Michael Garin was appointed Chief Executive Officer of Central European Media Enterprises in February 2004. Prior to that, he served on the boards of several media and telecommunications companies, including American Media, Inc., AMC Theatres, Cablecom, the largest cable company in Switzerland, and Canal+Nordic, the leading premium pay TV provider in the Nordic region. Between 1999 and 2001, he worked as President and Chief Operating Officer of the Digital Convergence Corporation, an Internet technology company. From 1988 to 1999, Garin worked for ING Barings as Executive Vice President and Global Head of Media, Telecommunications and Information Services Investment Banking. At Furman Selz, which was acquired by ING, he was a member of the Management Committee. Garin was responsible for building the firm’s investment banking practice in those respective areas. In 1978, he co-founded Lorimar Telepictures, a diversified entertainment and communications company, and helped run it until Warner Communications acquired the company in 1988. From 1968 to 1978 Garin worked at Time Incorporated for TIME, FORTUNE and Time-Life Television. He is a graduate of Harvard College ’68 and has a M.A. in Philosophy and the Arts. He is currently on the Boards of American Media and Mortgage IT.
CME is a TV broadcasting company with leading networks in six Central and Eastern European countries reaching an aggregate of approximately 82 million people. The Company’s television stations are located in Croatia (Nova TV), Czech Republic (TV Nova, Galaxie Sport), Romania (PRO TV, Acasa, PRO Cinema), Slovakia (Markíza), Slovenia (POP TV, Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International, Kino, City. CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol “CETV”.
For additional information, please contact:
Romana Tomasova
Director of Corporate Communications
Central European Media Enterprises
+44 (0)20 7430 5357
romana.tomasova@cme-net.com
