On January 17, 2017, TCS Capital Management, LLC announced that it has been engaging in discussions with Central European Media Enterprises Ltd. regarding its concerns with the Company’s poor stock price performance and views on ways to maximize shareholder value. TCS Capital Management stated that it has urged the Company to hire an investment bank to run a process to sell the Company. TCS Capital Management expressed its view that such a sale process would garner significant interest from multiple potential suitors given the Company’s uniquely attractive assets and strong financial performance. In addition, TCS Capital Management stated that it has suggested that the Company replace current members of the Company’s Board of Directors with new directors recommended by TCS Capital Management in order to ensure that the Board is serving the interests of all shareholders.