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Broadcaster CME will be free cash flow positive in 2015

Reuters

PRAGUE (Reuters) - Broadcaster Central European Media Enterprises (CME) (CETV.O) (CETV.PR) said it expected to be free cash flow positive starting in 2015 although 2014 would show a bigger drop than last year.

Its free cash flow was negative $31.0 million (18.34 million pounds) at the end of the first half this year.

It said it had been making higher payments to suppliers of foreign programming after closing new financing deals with its main shareholder, Time Warner (TWX.N). CME expected to continue reducing programming liabilities, it said.

"As a result, we expect free cash flow for the full year 2014 to be more negative than that of 2013," it said in a regulatory filing. "Following closing of the financing transactions, we believe we are positioned to be free cash flow positive beginning in 2015."

(Reporting by Jason Hovet, editing by Louise Heavens)