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Week ending February 9, 2008

Emmis Launches Innovative New York City Radio Station - February 5, 2008

from Brian D'Aurelio/Emmis

Emmis Communications today announced the launch of a new New York City radio station, 101.9 WRXP, The New York Rock Experience. "101.9 RXP" represents a new Adult Rock station in the New York tri-state market which merges New Music, Classic Rock, Alternative & Local Rock into a new adult blend called "The New York Rock Experience." 101.9 RXP will feature a variety of rock from artists like Franz Ferdinand, Bruce Springsteen, Nirvana, Coldplay, U2, Pearl Jam, Dave Matthews, The Police, Beck, Radiohead, The Who, Oasis, Arcade Fire, Social Distortion and REM…a playlist not determined by era, but rather by the acoustic quality of each song, as determined directly by on-air personalities and staff.

"On-air personalities will play a direct part in choosing the music," announced 101.9 RXP Program Director Blake Lawrence. "It's unheard of in radio these days, but 101.9 RXP is about the music and not so much the music business -- we're merging rock styles and generations into a singular community that we call The New York Rock Experience."

"Having grown up on the great NY rock radio of the past, I'm absolutely thrilled that Emmis has identified an unserved audience that now has a great new 3 dimensional rock brand!" said Emmis VP of Programming Jimmy Steal. "This brand builds, and expands upon, NY's great rock radio legacy - RXP is a rock station that truly represents a rock culture, for rock music lovers.....and is not just another rock format."

The first song to air on 101.9 RXP was "Rock and Roll" by legendary New York Icon Lou Reed & the Velvet Underground, followed by the world premiere of REM's "Supernatural Superserious. " "We're the first station in the world to premier the new REM song 'Supernatural Superserious,' and the only station that truly embodies the New York spirit of Lou Reed and the Velvet Underground classic 'Rock and Roll.'" said Director of Marketing Brian D'Aurelio. "Both songs are a fitting representation of this unique new adult rock brand."

The station, which is located in the NYC's West Village, will include another feature that is unique to New York radio with the regular inclusion of local rock artists. Local acts like Hold Steady, White Rabbits, Santogold, The National, and Nada Surf will all be part of the initial playlist, and the type of local talent that the station will support moving forward. "Some of the world's greatest rock artists got their start playing by the fountain in Washington Square Park just steps away from our studios," said new on-air personality and Music Director Bryan Schock. "That communal rock spirit is what we mean by the New York Rock Experience, and it is the spirit with which 101.9 RXP will be playing and launching new local artists." Effective immediately Bryan Schock will be heard weekdays in the afternoon drive shift. He is the first on-air personality to emerge from the massive search now underway for live and local on-air talent for the station.

"This is a completely unique & custom radio station with absolutely nothing off the shelf" Emmis New York Market Manager Dan Halyburton said. "Our talented team has been working tirelessly to offer a new adult rock radio brand that is truly unique and deserving of being the caretaker of New York's rich rock heritage"

The launch not only marks the beginning of a new home for rock on New York radio, it also debuts the 101.9 RXP Rock Republic – an online network and informational hub for rock fans in the tri-state area and beyond based at the new 1019RXP.com.

Emmis Communications New York commissioned multiple research projects from Paragon Media Strategies prior to the launch of WRXP. Programming consultants included Mike Henry of Paragon Media Strategies and John Bradley and Dave Rahn of SBR Creative Media.

101.9 RXP replaces Smooth Jazz CD101.9, which will continue to be available to fans via 101.9's Smooth Jazz HD2 channel on all HD capable radios within the listening area. Information regarding Smooth Jazz CD101.9 HD Channel is available at cd1019.com.

Central European Media Enterprises to Buy Out Minority Partners in Studio 1+1 in Ukraine - February 5, 2008

Central European Media Enterprises Ltd. ("CME") today announced that it has entered into agreements with its partners in Studio 1+1 to acquire all minority interests in the Studio 1+1 Group of companies. Upon completion of this transaction, CME will own 90% of Studio 1+1 and will have a right to acquire the remaining 10%. Currently CME holds 60% of Studio 1+1. CME expects to fund the transaction from cash on hand and its current credit facilities. The transaction is expected to close by the end of the second quarter of 2008 following the receipt of certain regulatory approvals.

Michael Garin, CME's Chief Executive Officer, commented: "This is a landmark moment for CME as we achieve another key goal of our growth strategy. Ukraine is our largest market in terms of population. We are convinced that in the next few years Ukraine will also become the largest market in terms of our revenue and earnings. As we have proven in other countries, full control is a critical step towards delivering outstanding performance and strengthening our market position."

The 30% interest CME will acquire at closing includes interests that CME had previously agreed to acquire from Igor Kolomoisky pursuant to option rights which Mr. Kolomoisky is assigning to CME. The total consideration payable on completion of the purchase of the 30% interest will be approximately US$ 219.6 million. Boris Fuchsmann and Alexander Rodnyansky are entitled to receive cash consideration of $79.6 million. Under the terms of our agreement with Mr. Kolomoisky, consideration payable to him may be in cash or Class A shares of CME.

Following the closing of the purchase of the 30% interest, Boris Fuchsmann and Alexander Rodnyansky will have the right to put their remaining 10% interest to CME. The put option has an initial minimum price of US$ 95.4 million in the first year, US$ 102.3 during the second year and thereafter US$ 109.1 million or an independent valuation whichever is the greater. The call price is set at US$ 109.1 million from closing. After a year, the call price will be based on an independent valuation with a minimum price of US$ 109.1 million. If CME exercises its call rights, CME's partners have the right to receive consideration in cash or Class A shares of CME.

Launched in 1997, Studio 1+1 is one of the most popular national broadcasters in Ukraine, reaching almost 47 million people with an all-day audience share of 16% and prime time audience share of 18.2% in 2007.

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Week ending January 26, 2008