13D Filing: TCS Capital Management and Central European Media Enterprises Ltd (CETV)

The Warrants owned
by TCS Advisors were received in connection with the Internal Transfer for no consideration and were previously purchased by TCS
Global pursuant to the Issuer’s Rights Offering on May 2, 2014 as Units consisting of (i) notes in the original principal
amount of $100, which TCS Global no longer owned at the time of the Internal Transfer, and (ii) twenty-one (21) Warrants, which
have an exercise price of $1.00 per Share (collectively, the “Units”). The aggregate purchase price of the Units is
approximately $5,304,100.

Item 5.

Interest in Securities of the Issuer.

Items 5(a) – 5(c)
are hereby amended and restated to read as follows:

The aggregate percentage
of Shares reported owned by each person named herein is based upon (i) 144,963,821 Shares outstanding, as of October 20, 2017,
which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission on October 24, 2017 plus (ii) the number of Shares underlying the Warrants held by each such
Reporting Person.

A.

TCS Advisors

(a)

As of the close of business on November 3, 2017, TCS Advisors beneficially owned 10,250,884 Shares, including 1,113,861 Shares underlying the Warrants.

Percentage: Approximately 7.0%

(b)

1. Sole power to vote or direct vote: 10,250,884 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 10,250,884 4. Shared power to dispose or direct the disposition: 0

(c)

Other than the Internal Transfer on November 1, 2017, TCS Advisors has not entered into any transactions in the Shares since the filing of Amendment No. 5 to the Schedule 13D.

B.

TCS Management

(a)

TCS Management, as the investment advisor of TCS Advisors, may be deemed the beneficial owner of the 10,250,884 Shares owned by TCS Advisors, including 1,113,861 Shares underlying the Warrants.

Percentage: Approximately 7.0%

(b)

1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 10,250,884 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 10,250,884

(c)

TCS Management has not entered into any transactions in the Shares since the filing of Amendment No. 5 to the Schedule 13D. Other than the Internal Transfer on November 1, 2017, TCS Advisors has not entered into any transactions in the Shares since the filing of Amendment No. 5 to the Schedule 13D.