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What: Shares of Central European Media Enterprises Ltd. (NASDAQ:CETV) were skyrocketing today, jumping as much as 92% after the company reached a financing deal with Time Warner.

So what: Time Warner is CME's largest shareholder, and will lend the broadcaster as much as $545 million to "refinance 2016 Fixed Rate notes and for general corporate purposes," according to a regulatory filing. CME has more than $1 billion in debt on its books, and is facing consistent operating losses and declining revenue, so the financing agreement should give it some breathing room while it attempts to turn around its business. 

Now what: Separately, the company reported fourth-quarter earnings, saying revenues fell 6% in the quarter to $237.9 million, while its net loss narrowed to -$0.72. Analyst estimates were not available, but management conceded that 2013 had been a "difficult year" for the company. Still, it touted its market leadership and No. 1 audience share in all of its territories, and said it expects to be free cash flow positive by 2015. I'm not convinced this company will ever make it out of the red, but expect shares to move higher if it can takes steps in that direction.  

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