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

The following constitutes
Amendment No. 4 to the Schedule 13D filed by the undersigned (“Amendment No. 4”). This Amendment No. 4 amends the Schedule
13D as specifically set forth herein.

Item 3.

Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended
and restated to read as follows:

The Shares owned by
TCS Global were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the
ordinary course of business) in open market purchases. The aggregate purchase price of the 13,137,023 Shares directly owned by
TCS Global is approximately $29,178,339, including brokerage commissions.

The Warrants owned
by TCS Global and held in the Managed Account were purchased 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 and the Managed Account no longer own, 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 purchased by TCS Global is approximately $5,304,100. The aggregate purchase price of the Units purchased
by TCS Management through the Managed Account is approximately $312,300.

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) 144,426,566 Shares outstanding, as of April 28, 2017, which
is the total number of Shares outstanding as reported in the Issuer’s Definitive Proxy Statement on Schedule 14A filed with
the Securities and Exchange Commission on April 28, 2017 plus (ii) the number of Shares underlying the Warrants held by each such
Reporting Person.

A.

TCS Global

(a)

As of the close of business on July 12, 2017, TCS Global beneficially owned 14,250,884 Shares, including 1,113,861 Shares underlying the Warrants.

Percentage: Approximately 9.8%

(b)

1. Sole power to vote or direct vote: 14,250,884 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 14,250,884 4. Shared power to dispose or direct the disposition: 0

(c)

The transaction in the Shares by TCS Global during the past 60 days is set forth on Schedule A and is incorporated herein by reference.

B.

TCS GP

(a)

TCS GP, as the general partner of TCS Global, may be deemed the beneficial owner of the 14,250,884 Shares owned by TCS Global, including 1,113,861 Shares underlying the Warrants.

Percentage: Approximately 9.8%