suffer losses in the three months to September 30.

The US-backed television station operator took a net loss of nearly $4.8 million for the quarter, compared to almost $1.4 million a year earlier, bringing its total loss since inception October 1, 1991 to nearly $21.5 million.

The company was formed to operate and develop national and regional private commercial television stations in the newly emerging markets of Central Europe and regional private commercial television stations in Germany.

It had no operating revenues until last December, as it was engaged in development stage activities which included seeking broadcast licences, securing financing and engaging in local management for future programme endeavours.

The company began to receive revenues in February, after launching Nova TV in the Czech Republic, with combined company broadcasts reaching 17.4 million people.

Nova TV has already attracted $26 million in net revenue, as advertising is growing at a rapid rate.

CME president and CEO, Mr. John Severino, said: "We continue to invest in and upgrade the programming and support services at our stations, while implementing an aggressive programme aimed at introducing German businesses to the benefits of regional television advertising in our Berlin and Nuremberg markets.'' A recent IPO of Class A common stock raised $71.6 million, which will be used in support of the efforts of the development stage company.

A net loss of more than $12.7 million was recorded for the nine months ended September 30, compared to $2.7 million in losses during the same period last year.

The company owns a 66 percent equity interest in Nova TV, a 43.25 percent interest in 1A Berlin, broadcasting to the Berlin-Brandenburg region of Germany, and a 50 percent non-voting interest in Franken Funk & Fernsehen, which owns 74.8 percent interest in a Nuremberg station.