THE VALUE OF CME SHARES GOES DOWN

At the end of April, 1997, the value of CME shares, quoted on NASDAQ, dropped sharply, from an all time high of $37, recorded on 20th January, to some $28.

In January 1996, the price of CME shares on NASDAQ was approximately $20. Throughout the year it was in the region of $ 25 dollars. Towards the end of 1996 the price started rising and and it rose sharply in January 1997, until reaching its high of $37 on 20th January 1997, shortly after it had become known that the Czech Council for Radio and TV Broadcasting had abolished the key TV licence contition (No. 17) giving up all ownership control over TV Nova.

Since then, CME shares have been gradually dropping in value and recorded the sharpest losses at the end of April 1997. On 8th May, 1997, the share price was $27.875.

(On 22nd May, 1997 at 6 pm. GMT the price was $28.)

(See http://www.nasdaq.com, click on FULL QUOTE, key in the symbol "CETV" and click on "Stock Quote", then, if you wish, "Graph")

It would appear that in order to counter these negative developments, CME has decided to project a much more positive and cautious image in the media.

It may well be that this is why Vladimir Zelezny told Czech parliament this week that CME "will not be purchasing the second Czech commercial TV station" and that it may "offer some of the CNTS Nova participation interest to the Czech public", if no Czech banks are interested.

CME needs to win a commercial broadcasting licence in Hungary. It will undoubtedly wish to present as friendly an image as possible to the Central European media authorities.

Jan Culik

University of Glasgow