TV station owner Pro TV SA posted revenues of $36.5 million in the first quarter of this year, up 2.8 percent on the same period of last year, the company owns ProTV, Acasa, ProTV International, Pro Cinema, Sport.ro and MTV Romania TV stations in the country. The company's operational profit however dropped to $4.5 million, from $9.7 million in Q1 2009.

ProTV is majority owned by Central European Media Enterprises, with 95 percent of the shares. CME posted revenues of $143.6 million, up 5 percent , while ite EBITDA went down 97 percent, to $0.84 million.

“We have rebuilt CME as a vertically integrated media and entertainment company to better face the challenges in our industry. Demand for TV advertising continued to decline in the first quarter although at a slower pace. Central and Eastern Europe will gradually emerge from the crisis during the first half of 2010 and in the second half the demand for TV advertising is expected to show single digit growth. As recovery progresses we will convert our leading audience and market shares into strong revenues and operating margins,” said Adrian Sarbu, president and chief executive officer of CME (in picture).

Sarbu owns several media outlets in Romania, among which Mediafax newswire and Ziarul Financiar daily newspaper.