form8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
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): November 26,
2007
CENTRAL
EUROPEAN MEDIA ENTERPRISES LTD.
(Exact
name of registrant as specified in its charter)
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BERMUDA
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0-24796
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98-0438382
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(State
or other jurisdiction of incorporation and organisation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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Clarendon
House, Church Street, Hamilton
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HM
11 Bermuda
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code: (441)
296-1431
Not
applicable
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
¨
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01 Other Events
On
November 26, 2007, Nova TV d.d. (“Nova TV”) and Operativna Kompanija d.o.o.
(“OK”), the Croatian subsidiaries of Central European Media Enterprises Ltd.
(the “Company”), entered into a settlement agreement with Global Communications
d.o.o. (“Global”) to settle all outstanding litigation between the parties and
release Nova TV and OK from claims relating to such litigation (as summarized
in
Part 1, Item 1, Note 18 of the Company’s Form 10-Q for the period ended
September 30, 2007). In consideration of Global withdrawing its claims, Nova
TV
has agreed to withdraw its claims and pay Global EUR 7.5
million (approximately US$ 11 million) and provide advertising
seconds to Global over a two-year period with an aggregate value of EUR 2
million (approximately US$ 3 million). The advertising time is being provided
to
Global pursuant to a separate advertising sales agreement that was signed on
the
same date. In the event of certain breaches by Global, Nova TV may
terminate this agreement and pay Global an amount in cash equal to sixty-five
percent of the value of the unused advertising time at the date of such
termination.
On
November 26, 2007, Nova TV entered into settlement agreements with three of
the
former shareholders of OK, Narval A.M. d.o.o. (“Narval”), Studio Millenium
d.o.o. (“Studio”) and Richard Anthony Sheldon (“Sheldon”), to settle all
outstanding litigation between the parties (as summarized in Part 1, Item 1,
Note 18 of the Company’s Form 10-Q for the period ended September 30, 2007). In
consideration of Narval, Studio and Sheldon withdrawing their claims, Nova
TV
has agreed to pay each of the parties HRK 111,700 (approximately US$ 23,000)
due
to them for their shares of OK under the sale and purchase contract dated July
8, 2004.
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, we have duly caused
this report to be signed on our behalf by the undersigned thereunto duly
authorized.
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Date:
November 30, 2007
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/s/
Wallace Macmillan
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Wallace
Macmillan
Chief
Financial Officer
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