* Q4 OIBDA $81.2 mln vs $78.6 mln in Reuters poll

* Advertising pushes revenue up in Q4, full year

* Meets 2011 guidance, says on path for growth

By Jason Hovet

PRAGUE, Feb 22 (Reuters) - Broadcaster Central European Media Enterprises (CME) posted a fourth-quarter net loss on Wednesday after taking a surprise charge of nearly $70 million in some units, which sent shares down more than 7 percent.

The charge - to reflect the impact of the debt crisis in the euro zone periphery - pushed CME into an operating loss in the quarter, overshadowing a core profit rise that helped it meet full-year guidance.

CME, which did not give a 2012 outlook, said this year would be challenging and that it remained cautious on a recovery of advertising spending, its main source of income. But it expected to outperform in its markets, which were flat overall last year.

The company's six central and eastern European markets have slowly recovered from deep recessions in 2009 but face a new slowdown as years of government austerity has sapped consumer demand and the euro zone crisis cuts trade.

CME's net loss widened to $77.2 million in the fourth quarter from a $25.4 million loss in the same period the year before due to a goodwill charge in Bulgaria, where it acquired bTV in 2010, and for its production company Media Pro Entertainment.

Analysts on average forecast a $15.6 million net profit, according to a Reuters poll

Shares in CME fell more than 7 percent in Prague to their lowest in 2-1/2 weeks, and were down 6.8 percent at $7.92 by 1544 GMT in U.S. trade on the Nasdaq.

Only one analyst in a Reuters poll had expected a net loss for the quarter, and traders said investors took the opportunity to book profits following a 30-percent rise in CME shares this year.

"The major market reaction is now a disappointment but attention should gradually shift to the operating performance, which was okay," Komercni Banka analyst Josef Nemy.

"So I would expect some selling pressure in the short term but then some recovery."

He said that visibility on the 2012 outlook was still low. CME's forecasts on cash flow this year, he said, could lead to similar operating results as in 2011.

GUIDANCE MET

Fourth-quarter revenue grew in four of its markets but dipped slightly in its biggest, the Czech Republic and Romania.

Operating income before depreciation and amortisation (OIBDA) rose by a quarter to $81.2 million in the quarter and revenue rose 7.6 percent year-on-year to $276.9 million.

For the full year, the company topped its guidance with revenue of $864.8 million and OIBDA of $167 million - above targets of $850 million and $166 million, respectively.

Chief Executive Adrian Sarbu said the company was on a path for growth in a challenging 2012 market and was diversifying its revenue stream with content and distribution.

"Our outlook on the recovery of the television advertising market remains cautious, with variation from country to country... in the strength of the recovery," he said.

CME, partly owned by Time Warner and U.S. investor Ronald Lauder, said it would concentrate on deleveraging in 2012 and gaining positive free cash flow.

Its cash flow narrowed to negative $3 million in 2011 from negative $95 million at the end of 2010.

It warned in a filing, though, that cash flow will be significantly lower in the first half than a year ago, but higher in the second half due to an advanced collections plan that would not likely be repeated.

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