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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report Date of earliest event reported) June 29, 1999
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CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.
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(Exact Name of Registrant as Specified in Charter)
Bermuda 0-24796 Not Applicable
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
Clarendon House, Church Street, Hamilton HM CX Bermuda
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (441) 296-1431
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report
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Item 5. Other Events.
Attached is a Press Release issued by Registrant on June 29, 1999.
1
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Exhibits
99.1 Press Release of Central European Media Enterprises Ltd., dated
June 29, 1999.
2
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Central European Media Enterprises Ltd.
(Registrant)
Dated: June 29, 1999 By: /s/ Fred T. Klinkhammer
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Fred T. Klinkhammer
Title: President and Chief Executive
Officer
3
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CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. FILES LAWSUIT
REGARDING NOVA TV
PRAGUE, Czech Republic, June 29, 1999 - Central European Media
Enterprises Ltd. (CME) (Nasdaq: CETV) announced today that its 99%-owned Czech
subsidiary, Ceska nezavisla televizni spolecnost, spol. sr.o. ("CNTS") has
filed a request for a preliminary injunction in the District Commercial Court in
Prague, Czech Republic against CET 21, spol. sr.o. ("CET 21"). Among other
things, CNTS seeks to enjoin CET 21 from directly concluding agreements
regarding the sale of advertising time on Nova TV and from entering into
agreements with other companies for the provision of television services, on the
grounds CET 21 granted such rights on CNTS on an exclusive basis in the
Memorandum of Association and Investment Agreement ("Memorandum of Association")
between a wholly-owned CME subsidiary and CET 21. CNTS provides television
services to CET 21, the license holder for Nova TV, and operates Nova TV in
accordance with a Services Agreement between CNTS and CET 21 dated May 21, 1997
(the "Services Agreement") and in accordance with the Memorandum of Association.
CET 21, CNTS, CME and Dr. Vladimir Zelezny, the controlling
shareholder of CET 21, are engaged in an ongoing dispute with respect to the
operations of Nova TV and the rights and obligations of each of CET 21 and CNTS.
On April 19, 1999, Dr. Zelezny was recalled as General Director and Executive
of CNTS for acting against the interests of CNTS. Since then, CET 21 and CNTS
have filed a number of lawsuits with respect to their contractual relationship,
including a claim by CET 21 filed with the Regional Commercial Court in Prague
to declare the Services Agreement invalid for vagueness and for damages against
CNTS for breach of the Services Agreement.
On June 10, 1999, Dr. Zelezny announced that CET 21 has reached an
agreement with another Czech company to provide television services to CET 21
and that CNTS would no longer be the exclusive provider of television services
to CET 21 for Nova TV. CNTS has demanded that CET 21 pay CNTS CZK 96 million
($2.7 million) in liquidated damages for CET 21's breach of the Memorandum of
Association and intends to file a claim for damages against CET 21 for breach of
the Memorandum of Association in arbitration proceedings.
CET 21 recently transmitted on more than one occasion a half-hour
program hosted by Dr. Zelezny on Nova TV from a location other than the CNTS
studios and has announced its intention to tansmit other programming on Nova TV
in the future. The Nova TV signal is transmitted by Ceske Radiokomunikace a.s.
("Czech Radiocommunicatons"), which has on these occasions taken the Nova TV
broadcast signal from alternative locations in accordance with the instructions
of CET 21. CET 21 and Czech Radiocommunications have a 1997 agreement for the
transmission of the signal for Nova TV. CNTS has communicated to Czech
Radiocommunications its objection to the interruptions of the CNTS transmission
signal by Czech Radiocommunications as a breach of pre-existing agreements
between CNTS and Czech Radiocommunications for transmission of the broadcast
signal and filed a request for a preliminary injunction to prevent futher
interruptions. No assurances can be given regarding the outcome of these legal
disputes, nor as to when they will be conclusively resolved.
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CME believes that CME and CNTS have acted in accordance with Czech laws
and the requirements of the Czech Media Council, as in effect from time
to time.
The Media Commission of the Czech Parliament has requested the
Czech Media Council to provide its opinion regarding several issues
related to the dispute prior to July 25 1999, including whether CNTS is
entitled to be the exclusive provider of television services to CET 21
for Nova TV. While the Media Council's opinion is not legally binding on
the Czech courts or the Media Commission of the Czech Parliament, the
Media Council's opinion may effect the outcome of the dispute.
To date, CNTS has not suffered a material diminution in
advertising revenues for Nova TV as a result of the dispute with CET 21
and Dr. Zelezny. However, any material reduction in the amount of
programming on Nova TV produced or acquired by CNTS, material disruption
in the Nova TV program schedule, material reduction of advertising
revenues received by CNTS, or a significant adverse legal or regulatory
decision against CNTS, would likely have a material adverse effect on
the operating results and financial condition of CNTS and CME.
Forward-looking Statements
Statements made above regarding outcomes of legal disputes,
disruptions of television programming and effects on CNTS' and CME's
operating results and financial condition are forward-looking
statements. Forward-looking statements are inherently subject to risks
and uncertainties, many of which cannot be predicted with accuracy and
some of which might not even be anticipated. Future events and actual
results, financial and otherwise, could differ materially from those
described in or contemplated by the forward-looking statements.
CME is the leading broadcaster in Central and Eastern Europe, and
operates eight television stations in six countries, reaching an
audience of 84 million people, and is traded on the Nasdaq National
Market in the US under the symbol "CETV."
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USA: Europe:
Michael Smargiassi Gerry Buckland
Brainerd Communicators, Inc. Tel: 44 181 882 0499
Tel: 212 986 6667 Mobile: 44 374 860011
