Item 1.02 - Termination of a Material Definitive Agreement

On December 24, 2008, television broadcasting company Studio 1+1 LLC ("Studio 1+1"), a Ukrainian subsidiary of Central European Media Enterprises Ltd. (the "Company"), delivered a termination notice in respect of its Agreement to Provide Advertising Services (the "Agreement") with Video International Prioritet LLC ("VI"), dated November 30, 2006. The Agreement was included as exhibit 10.62 to the Company's Annual Report on Form 10-K for the year ended December 31, 2006. Under the Agreement, which expires on December 31, 2011, VI has been the primary provider of advertising sales services to Studio 1+1. Pursuant to the Agreement, Studio 1+1 is entitled to terminate the Agreement with ninety days' prior written notice to VI. The termination notice delivered by Studio 1+1 provides for termination of the Agreement on March 24, 2009 (the "Termination Date"). Unless otherwise agreed, Studio 1+1 will be required to pay a termination penalty within 45 banking days after the Termination Date in an amount equal to (i) 12% of the average monthly net advertising revenue and (ii) 6% of the average monthly net sponsorship revenue, for the six months prior to the Termination Date multiplied by six. Certain other affiliates of the Company entered into substantially similar advertising services agreements with affiliates of VI, and all those agreements are terminating on the Termination Date. In connection with this termination, Studio 1+1 has invoked its right under the Agreement for the Studio 1+1 group of companies to directly sell all airtime of Studio 1+1 effective from January 1, 2009.

---