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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Central European Media Enterprises Ltd
--------------------------------------
(Name of Issuer)
Common Stock
------------
(Title of Class of Securities)
G2004510
--------
(CUSIP Number)
December 31, 1998
-----------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 4 Pages
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CUSIP No. G2004510 13G Page 2 of 4 Pages
- --------------------------- ---------------------------
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Warburg Pincus Asset Management, Inc. 13-2673503
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [ ]
Not applicable
- -------- -----------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
1,776,500
----- --------------------------------------------------------
NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 248,800
OWNED BY
EACH ----- --------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 2,042,600
----- --------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
- -------- -----------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,042,600
- -------- -----------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
Not applicable.
- -------- -----------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11.30%
- -------- -----------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IA
- -------- -----------------------------------------------------------------------
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Item 1(a): Name of Issuer:
- --------- --------------
Central European Media Enterprises Ltd
Item 1(b): Address of Issuer's Principal Executive Offices:
- --------- -----------------------------------------------
Clarendon House
Church Street
Hamilton HM CX
Bermuda
Item 2(a): Name of Person Filing:
- --------- ---------------------
Warburg Pincus Asset Management, Inc.
Item 2(b): Address of Principal Business Office:
- --------- ------------------------------------
466 Lexington Avenue, New York, New York 10017
Item 2(c): Citizenship:
- --------- -----------
Delaware
Item 2(d): Title of Class of Securities:
- --------- -----------------------------
Common Stock
Item 2(e): CUSIP Number:
- --------- ------------
G2004510
Item 3: If the reporting person is an investment adviser in
- ------ accordance with ss. 240.13d-1(b)(1)(ii)(E), check this
box. [X]
Item 4: Ownership:
- ------ ---------
(a) Amount beneficially owned: 2,042,600.
(b) Percent of class: 11.30%.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote
1,776,500.
(ii) Shared power to vote or to direct the vote
248,800.
(iii) Sole power to dispose or to direct the
disposition of 2,042,600.
(iv) Shared power to dispose or to direct
the disposition of 0.
Item 5: Ownership of Five Percent or Less of a Class:
- ------ --------------------------------------------
Not Applicable.
Page 3 of 4 Pages
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Item 6: Ownership of More than Five Percent on Behalf of Another
- ------ --------------------------------------------------------
Person:
------
Warburg Pincus Asset Management, Inc. ("WPAM") is an
Investment Adviser registered with the United States
Securities and Exchange Commission. WPAM serves as
investment adviser to many accounts including various
registered investment companies. The securities which are
the subject of this report are owned by our accounts. In
this report no account owned more than 5%.
Item 7: Identification and Classification of the Subsidiary Which
- ------ ---------------------------------------------------------
Acquired the Security Being Reported on By the Parent
-----------------------------------------------------
Holding Company:
---------------
Not Applicable.
Item 8: Identification and Classification of Members of the Group:
- ------ ---------------------------------------------------------
Not Applicable.
Item 9: Notice of Dissolution of Group:
- ------ ------------------------------
Not Applicable.
Item 10: Certification:
- ------- -------------
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above were
acquired and are held in the ordinary course of business
and were not acquired and are not held for the purpose of
or with the effect of changing or influencing the control
of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any
transaction having that purpose or effect.
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: January 8, 1999
By: /s/ Linda S. Iovan
--------------------------
Name: Linda S. Iovan
Title: Vice President
Page 4 of 4 Pages
