Central European Media Enterprises (CETV)

Risks

• Our business, results of operations and financial condition may be adversely affected by the ongoing COVID-19 pandemic and the actions taken by governmental authorities in response to the pandemic.
• Changes in global or regional economic conditions may adversely affect our financial position and results of operations.
• The quantitative easing programs implemented by the European Central Bank ("ECB") and the stability mechanism may not provide adequate assistance to stabilize markets, which may adversely affect our financial position and results of operations.
• Our financial position and results of operations may be adversely affected as a result of the United Kingdom’s decision to end its membership in the European Union.
• Our operating results will be adversely affected if we cannot generate strong advertising sales.
• We may be unable to repay or refinance our existing indebtedness and may not be able to obtain favorable refinancing terms.
• Our debt service obligations and covenants may restrict our ability to conduct our operations.
• We may be subject to changes in tax rates and exposure to additional tax liabilities.
• A default by us in connection with our obligations under our outstanding indebtedness could result in our inability to continue to conduct our business.
• Fluctuations in exchange rates may continue to adversely affect our results of operations.
• Our strategies to enhance our carriage fees and diversify our revenues may not be successful.
• A downgrading of our corporate credit ratings may adversely affect our ability to raise additional financing.
• If our goodwill, other intangible assets and long-lived assets become impaired, we may be required to record significant charges to earnings.
• Our operations are vulnerable to significant changes in viewing habits and technology that could adversely affect us.
• Content may become more expensive to produce or acquire or we may not be able to develop or acquire content that is attractive to our audiences.
• Our operating results are dependent on the importance of television as an advertising medium.
• We are subject to legal compliance risks and the risk of legal or regulatory proceedings being initiated against us.
• Our operations are in developing markets where there are additional risks related to political and economic uncertainty, biased treatment and compliance with evolving legal and regulatory systems.
• We rely on network and information systems and other technology that may be subject to disruption, security breaches or misuse, which could harm our business or our reputation.
• Piracy of our content may decrease revenues we can earn from our content and adversely impact our business and profitability.
• Our broadcasting licenses may not be renewed and may be subject to revocation.
• Our success depends on attracting and retaining key personnel.
• We are a Bermuda company and enforcement of civil liabilities and judgments may be difficult.
• Our Bye-laws restrict shareholders from bringing legal action against our officers and directors.
• The interests of AT&T may conflict with the interests of other investors.
• The price of our Class A common stock may be volatile.
• The proposed Merger may cause disruption to our business.
• Completion of the proposed Merger is subject to conditions, including the receipt of certain competition and other regulatory approvals, and if these conditions are not satisfied or waived or if the required approvals are not granted or are subject to conditions, completion of the proposed Merger may not occur.
• The failure to complete the proposed Merger within the expected time frame or at all could adversely affect our business, financial condition, results of operations, liquidity and the price of our Class A common stock.
• The Merger Agreement contains provisions that could discourage a potential competing acquirer.