UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q
(Mark One)

[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934

For the quarterly period ended      March 31, 2008
                               -------------------------------------------------

[_]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from                        to
                               -----------------------  ------------------------

Commission File Number:      000-52408
                           -----------------------------------------------------

                          EMERGING MEDIA HOLDINGS, INC.
--------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

                  NEVADA                                     13-1026995
--------------------------------------------------------------------------------
(State of other jurisdiction of incorporation or          (I.R.S. Employer
organization)                                            Identification No.)

1809 E. BROADWAY ST., SUITE 175, OVIEDA, FLORIDA                 32765
--------------------------------------------------------------------------------
(Address of principal executive offices)                       (Zip Code)

                                 (407) 620-1063
--------------------------------------------------------------------------------
                           (Issuer's telephone number)

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
                                                                  Yes [_] No [X]

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a smaller reporting company. (Check One):

Large accelerated filer  [_]                    Accelerated filer  [_]

Non-accelerated filer    [_]                    Smaller reporting company  [X]
(Do not check if a smaller reporting company)


Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).
                                                               Yes  [_] No  [X]

As of May 5, 2008, there were 16,303,000 shares of Common Stock, $0.000001 par
value, outstanding.

<PAGE>

                          Emerging Media Holdings Inc.

                                      Index

<TABLE>
<CAPTION>
                                                                                       Page
<S>    <C>       <C>                                                                  <C>
Part I           FINANCIAL INFORMATION

       Item 1.   Financial Statements                                                    2

                 Consolidated Balance Sheets as of March 31, 2008
                 (unaudited) and December 31, 2007                                       3

                 Consolidated Statements of Operations for the
                 Three Months Ended March 31, 2008 and 2007 (Unaudited)                  4

                 Consolidated Statements of Cash Flows for the Three Months              5
                 Ended March 31, 2008 and 2007 (Unaudited)

                 Notes to Unaudited Consolidated Financial Statements                  6 - 11

       Item 2.   Management's Discussion and Analysis of Financial Condition
                 and Results of Operations                                            12 -- 15

       Item 3.   Quantitative and Qualititative Disclosures About Market Risk            15

       Item 4T.  Controls and Procedures                                                 16

PART II          OTHER INFORMATION

                 Exhibits                                                                17

                 Signatures                                                              17
</TABLE>

                                        1
<PAGE>

                          PART I--FINANCIAL INFORMATION

Item 1.  Financial Statements.

         Certain information and footnote disclosures required under accounting
principles generally accepted in the United States of America have been
condensed or omitted from the following consolidated financial statements
pursuant to the rules and regulations of the Securities and Exchange Commission.
It is suggested that the following consolidated financial statements be read in
conjunction with the year-end consolidated financial statements and notes
thereto included in the Company's Form 10-KSB for the year ending December 31,
2007.

         The results of operations for the three months ended March 31, 2008 and
2007 are not necessarily indicative of the results for the entire fiscal year or
for any other period.








                                        2
<PAGE>

                  EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

                                     ASSETS
<TABLE>
<CAPTION>

                                                                                 March 31,          December 31,
                                                                                   2008                 2007
                                                                                   ----                 ----
                                                                               (Unaudited)
<S>                                                                             <C>                  <C>
CURRENT ASSETS:
    Cash                                                                        $  203,396           $  179,813
    Marketable securities                                                          250,000              250,000
    Accounts receivable - net of allowance                                         277,994              314,081
    Inventories                                                                     15,508               10,542
    Employee receivables and other current assets                                  172,143              128,812
                                                                                ----------           ----------
       Total Current Assets                                                        919,041              883,248

Property, plant and equipment, net                                                 157,299              167,713
                                                                                ----------           ----------
TOTAL ASSETS                                                                    $1,076,340           $1,050,961
                                                                                ==========           ==========

                             LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
   Accounts payable                                                             $  128,161           $  115,289
   Accrued expenses                                                                100,402               56,546
   Loans payable                                                                    43,136               79,765
                                                                                ----------           ----------
       Total Current Liabilities                                                   271,699              251,600
                                                                                ----------           ----------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
    Common stock, $.001 par value, 100,000,000 shares
       authorized; 15,053,000 shares issued and outstanding
       at March 31, 2008 and December 31, 2007                                      15,053               15,053
   Additional paid-in-capital                                                       28,253               28,253
   Retained earnings                                                               664,642              642,823
   Cumulative other comprehensive income                                            96,693              115,232
                                                                                ----------           ----------
      Total Stockholders' Equity                                                   804,641              801,361
                                                                                ----------           ----------
      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                $1,076,340           $1,052,961
                                                                                ==========           ==========
</TABLE>
See Notes to Unaudited Consolidated Financial Statements


                                       3
<PAGE>

                  EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                          For the Three Months Ended
                                                                                  March 31,
                                                                        2008                        2007
                                                                        ----                        ----
<S>                                                                <C>                        <C>
Sales                                                              $   309,077                $   205,789
                                                                   -----------                -----------

Costs and expenses:
  Cost of sales                                                        204,809                    107,720
  Selling and marketing expenses                                        16,271                     21,345
  General and administrative expenses                                   69,756                     40,957
  Other operating expenses                                              18,025                     26,064
                                                                   -----------                -----------
                                                                       308,861                    196,086
                                                                   -----------                -----------

  Income from operations                                                   216                      9,703

  Other income                                                          21,603                     12,549
                                                                   -----------                -----------

Earnings before provision for income taxes                              21,819                     22,252

Income tax provision                                                         -                          -
                                                                   -----------                -----------

Net earnings                                                       $    21,819                $    22,252
                                                                   ===========                ===========


Earnings per common share -
   basic and diluted                                               $         -                $         -
                                                                   ===========                ===========

Weighted average number of common
  shares outstanding - basic and diluted                            15,053,000                 15,053,000
                                                                   ===========                ===========
</TABLE>

See Notes to Unaudited Consolidated Financial Statements



                                       4
<PAGE>

                  EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                  FOR THE PERIODS ENDED MARCH 31, 2008 AND 2007
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                      For the Three Months Ended
                                                                                               March 31,
                                                                                        2008              2007
                                                                                        ----              ----
<S>                                                                                <C>                     <C>
Cash flows from operating activities:
Net earnings                                                                       $  21,819               $  22,252
Adjustments to reconcile net earnings to net cash
  provided by operating activities:
     Depreciation                                                                     22,637                  19,002
Changes in operating assets and liabilities:
    (Increase) decrease in trade receivables                                          38,087                  (3,613)
    Decrease in inventories                                                           (4,966)                 (4,948)
    Decrease in employee receivables and other
       current assets                                                                (43,330)                (26,690)
    Increase in accounts payable,
       accrued liabilities and income taxes payable                                   55,070                  46,902
                                                                                   ---------               ---------

    Net Cash Provided by Operating Activities                                         89,317                  52,905
                                                                                   ---------               ---------

Cash flows from investing activities:
    Purchase of property, plant and equipment                                        (11,244)                 (1,636)
    Proceeds from sale of marketable securities                                            -                  78,757
                                                                                   ---------               ---------
    Net Cash Provided by (used In) Investing Activities                              (11,244)                 77,121
                                                                                   ---------               ---------

Cash flows from financing activities:
    Proceeds from borrowings                                                           1,619                       -
    Repayment of debt                                                                (43,280)
    Dividends paid                                                                         -                 (65,446)
                                                                                   ---------               ---------

    Net Cash Used In Financing Activities                                            (41,661)                (65,446)
                                                                                   ---------               ---------

Effect of exchange rate changes on cash                                              (12,829)                  3,613
                                                                                   ---------               ---------

Net Increase in cash                                                                  23,583                  68,193

Cash - Beginning of period                                                           179,813                 201,763
                                                                                   ---------               ---------

Cash - End of period                                                               $ 203,396               $ 269,956
                                                                                   =========               =========

Supplemental disclosure cash flow information:
Cash paid for interest                                                             $       -               $       -
                                                                                   =========               =========

Cash paid for income taxes                                                         $       -               $      20
                                                                                   =========               =========
</TABLE>

See Notes to Unaudited Consolidated Financial Statements


                                       5
<PAGE>

                  EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2008 AND 2007


1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The consolidated balance sheet as of March 31, 2008 and the consolidated
statements of operations, stockholders' equity and cash flows for the periods
presented herein have been prepared by Emerging Media Holdings, Inc. (the
"Company" or "EMH") and are unaudited. In the opinion of management, all
adjustments (consisting solely of normal recurring adjustments) necessary to
present fairly the financial position, results of operations, changes in
stockholders' equity and cash flows for all periods presented has been made. The
information for the consolidated balance sheet as of December 31, 2007 was
derived from audited financial statements.


Organization
------------

EMH was incorporated in the State of Nevada on September 3, 2003. The Company
directs its operations through its subsidiaries, Media Alianta S.R.L. ("Media
Alianta"), formerly Cabavarum S.R.L., and Analytic Media Group, S.A. ("AMG").
Both subsidiaries' operations and assets are located in the Republic of Moldova.
Through its subsidiaries, the Company's primary activities are in radio and
television broadcasting. The Company was granted a broadcasting license in 2005
which extends through_2011. The Company earns its revenue primarily through
advertisement sales.

Basis of Presentation
---------------------

In July 2006, EMH entered into a share exchange agreement with Cabavarum S.R.L.
("Cabavarum"), a Moldavia company, with primary activities in radio and
television broadcasting. In connection with the share exchange, the Company
acquired the assets and assumed the liabilities of Cabavarum. For accounting
purposes, the share exchange has been treated as a recapitalization of
Cabavarum.

As provided for in the share exchange agreement, the stockholders of Cabavarum
received 5,251,000 shares of newly issued EMH common stock in exchange for the
outstanding shares of Cabavarum they held, which was accounted for as a
recapitalization. The financial statements prior to July 2006, are those of
Cabavarum and reflect the asset and liabilities of Cabavarum and AMG at
historical carrying amounts. In addition, certain shareholders of EMH
transferred 6,726,400 shares to associates of Cabavarum. The associates provided
consulting services to the shareholders of Cabavarum in connection with the
merger with EMH, marketing activities, relations within the Russian media
market, computer programming and acquisitions.

Immediately following the share exchange, EMH had a total of 15,053,000 common
shares issued and outstanding, of which the shareholders and associates of
Cabavarum controlled 80% of the outstanding common stock.

The financial statements of EMH have been revised to retroactively reflect the
share exchange.

In addition, the resignation of the former officer and directors of EMH took
effect upon the close of the share acquisition exchange. The Cabavarum Board of
Directors became the Board of Directors of EMH.

In April 2007, Cabavarum changed its name to Media Alianta.


Significant Accounting Policies
-------------------------------


Principles of Consolidation
---------------------------

The consolidated financial statements of the Company include the Company and its
wholly-owned subsidiaries. All material intercompany balances and transactions
have been eliminated.

Economic and Political Risks
----------------------------

The Company faces a number of risks and challenges since its operations are in
the Republic of Moldova and its primary market is in Moldova. The financial
statements have been prepared assuming the Company will continue as a going

                                       6
<PAGE>

                  EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2008 AND 2007

concern. 100% of the consolidated assets are located in Moldova and
approximately 99% of the consolidated revenue is earned in Moldova.


Marketable Securities
---------------------

The Company classifies its equity securities as "held-to-maturity", and
accordingly, are carried at cost, which approximates market value. Realized
gains or losses from the sale of marketable securities are based on the specific
identification method.

Inventories
-----------

Inventories are stated at the lower of cost or market on average cost basis, and
includes petrol and cosmetic products.

Employee Receivables
--------------------

The Company advances loans to certain employees. The loans are repaid within
twelve months and are interest free. Receivables from employees at March 31,
2008 and December 31, 2007, amounted to $108,156 and $102,156, respectively, and
are included in employee receivables and other current assets on the Company's
consolidated balance sheet.

Depreciation
------------

Property, plant and equipment are carried at cost less accumulated depreciation.
The cost of repairs and maintenance is expensed as incurred; major replacements
and improvements are capitalized. When assets are retired or disposed of, the
cost and accumulated depreciation are removed from the accounts, and any
resulting gains or losses are included in income in the year of disposition.

Depreciation is provided using the straight-line method over the estimated
useful lives of the assets. The lives applied are as follows:

Office equipment                             3-5 Years
Vehicles                                       7 Years
Manufacturing equipment                     5-10 Years

Foreign Currency Translation
----------------------------

The functional currency for foreign operations is the Moldova lei ("MDL$").
Assets and liabilities of foreign operations are translated at exchange rates as
of the balance sheet date and income, expense and cash flow items are translated
at the average exchange rate for the applicable period. Translation adjustments
are recorded in Cumulative Other Comprehensive Income (Loss).

Conversion of assets and liabilities from MDL$ into US$ has been made at the
rate of exchange on March 31, 2008 and December 31, 2007: at US$1.00: MDL
10.6054: and US$1.00: MDL 11.32.

Use of Estimates
----------------

The preparation of the financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.

Revenue Recognition
-------------------

The Company recognizes revenue in accordance with the guidance contained in SEC
Staff Accounting Bulletin No. 104, "Revenue Recognition in Financial
Statements",

                                       7
<PAGE>

                  EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2008 AND 2007

Revenue from advertisement sales is recognized on a contract basis and is earned
over the life of the contract as the services for advertising are performed.

The Company provides allowances for expected doubtful accounts based upon
historical bad debt experience and periodic evaluations of specific customer
accounts.

Evaluation of Long-lived Assets
-------------------------------

The Company reviews property and equipment for impairment whenever events or
changes in circumstances indicate the carrying value may not be recoverable in
accordance with guidance in SFAS No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets". If the carrying value of the long-lived assets
exceeds the present value of the related estimated future cash flows, the asset
would be adjusted to its fair value and an impairment loss would be charged to
operations in the period identified.

Income Taxes
------------

Taxes are calculated in accordance with taxation principles currently effective
in the Republic of Moldova and the Untied States of America.

The Company accounts for income taxes using the asset and liability approach
under which deferred income taxes are recognized by applying enacted tax rates
applicable to future years to the differences between the financial statement
carrying amounts and the tax basis of reported assets and liabilities.

For that portion of foreign earnings that have not been repatriated, an income
tax provision has not been recorded for U.S. federal income taxes on
undistributed earnings of foreign subsidiarires as such earnings are intended to
be permanently reinvested in these operations. Such earnings would become
taxable upon the sale or liquidation of these foreign subsidiaries or upon
repatriation of earnings.

Effective January 1, 2007, uncertain tax positions are accounted for in
accordance with FASB Interpretation No. 48, "Accounting for Uncertainty in
Income Taxes". See Note 7 for further discussion.

Concentration of Credit Risk
----------------------------

Financial instruments which potentially subject the Company to concentrations of
credit risk consist principally of cash and accounts receivable.

The Company's cash and cash equivalents are concentrated primarily in four banks
in Moldova. At times, such deposits could be in excess of insured limits.
Management believes that the financial institutions that hold the Company's
financial instruments are financially sound and, accordingly, minimal credit
risk is believed to exist with respect to these financial instruments.

Receivables are reviewed daily and credit is given after the review of the
Company's credit policies. Exposure to losses on receivables is principally
dependent on each customer's financial condition.

Retransmission Rights
---------------------

The Company enters into agreements for the right to retransmit programs from
other television networks. The terms of the agreements are on an annual basis
and the costs are expensed over the life of the agreements.

Earnings Per Share
------------------

Basic earnings per common share are computed by dividing net earnings by the
weighted average number of common shares outstanding during the period. Diluted
earnings per common share are computed by dividing net earnings by the weighted
average number of common shares and potential common shares outstanding during
the period. For the three months ended March 31, 2008 and 2007, there were no
potential common shares outstanding.

                                       8
<PAGE>

                  EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2008 AND 2007


New Financial Accounting Standards
----------------------------------

In February 2007, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 159 "The Fair Value
Option for Financial Assets and Financial Liabilities," ("SFAS 159") providing
companies with an option to report selected financial assets and liabilities at
fair value. The standard's objective is to reduce both complexity in accounting
for financial instruments and the volatility in earnings caused by measuring
related assets and liabilities differently. It also requires entities to display
the fair value of those assets and liabilities for which the Company has chosen
to use fair value on the face of the balance sheet. The adoption of SFAS 159 on
January 1, 2008 did not impact the Company's consolidated financial statements.

In December 2007, the FASB issued SFAS No. 141 (revised 2007) ("SFAS 141 (R)")
"Business Combinations", which replaces SFAS 141 "Business Combinations". This
Statement improves the relevance, completeness and representational faithfulness
of the information provided in financial reports about the assets acquired and
the liabilities assumed in a business combination. This Statement requires an
acquirer to recognize the assets acquired, the liabilities assumed, and any
noncontrolling interest in the acquire at the acquisition date, measured at
their fair values as of that date, with limited exceptions specified in the
Statement. Under SFAS 141(R), acquisition-related costs, including restructuring
costs, must be recognized separately from the acquisition and will generally be
expensed as incurred. That replaces SFAS 141's cost-allocation process, which
required the cost of an acquisition to be allocated to the individual assets
acquired and liabilities assumed based on their estimated fair values. SFAS
141(R) shall be applied prospectively to business combinations for which the
acquisition date is on or after the beginning of the first annual report period
beginning on or after December 15, 2008. The Company will implement this
Statement in 2009.

On December 4, 2007 the FASB issued SFAS No. 160 "Non-Controlling Interests in
Consolidated Financial Statements - An Amendment of ARB No. 51" ("SFAS 160").
SFAS 160 establishes new accounting and reporting standards for the
non-controlling interest in a subsidiary and for the deconsolidation of a
subsidiary. Specifically, this statement requires the recognition of
non-controlling interests (minority interest) as equity in the consolidated
financial statements and separate from parent's equity. The amount of net income
attributable to the non-controlling interest will be included in consolidated
net income on the face of the income statement. SFAS 160 clarifies that changes
in a parent's ownership in a subsidiary that does not result in deconsolidation
are equity transactions if the parent retains its controlling financial
interest. In addition, this statement requires that a parent recognize a gain or
loss in net income when a subsidiary is deconsolidated. Such gain or loss will
be measured using the fair value of the non-controlling equity investment of the
deconsolidation date. SFAS 160 also includes expanded disclosure requirements
regarding the interest of the parent and its non-controlling interest. SFAS 160
is effective for fiscal years, and interim periods other than fiscal years,
beginning on or after December 15, 2008. The Company is currently evaluating the
impact of the adoption of this Statement on its financial statements.

         In March 2008, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 161, "Disclosures about
Derivative Instruments and Hedging Activities", an amendment of FASB Statement
No. 133 ("SFAS No. 161"). The new standard is intended to improve financial
reporting about derivative instruments and hedging activities by requiring
enhanced disclosures to enable investors to better understand their effects on
an entity's financial position, financial performance and cash flows. It is
effective for financial statements issued for fiscal years and interim periods
beginning after November 15, 2008. The Company does not believe that SFAS No.
161 will have a material impact on its financial statements.

2. ACQUISITION

On May 2, 2008, the Company acquired the common stock of Media Top Prim S.R.L.
(LLC) ("Media Top Prim"), located in Moldova, for 1 million shares of the
Company's preferred stock, valued at $4.0 million. The preferred shares are
convertible into common shares on a 1:1 basis after a holding period of one year
on the condition the Company's stock price will not be less than $4 per share.
Media Top Prim's primary activities are in radio and television broadcasting.
Media Top Prim earns its revenues primarily through advertisement sales. Media
Top Prim was granted a broadcasting license on April 24, 2007 which extends to
April 24, 2013. The purchase price will be allocated to both tangible and
intangible assets and liabilities based on estimated fair values after
considering an independent formal appraisal.

                                       9
<PAGE>

                  EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2008 AND 2007

The acquisition has been accounted for using the purchase method of accounting,
and accordingly, the results of operations of Media Top Prim will be included in
the Company's consolidated financial statements from May 2, 2008.

The following unaudited proforma summary results of operations assume Media Top
Prim had been acquired as of January 1, 2007:

                                               Three Months Ended
                                                   March 31,
                                             2008              2007
                                             ----              ----
            Net sales                     $ 374,448       $ 230,588
            Net earnings                     16,572          11,808
            Earnings per share -
              diluted                     $       -       $       -

The information above is not necessarily indicative of the results of operations
that would have occurred if the acquisition had been consummated as of January
1, 2007. Such information should not be construed as a representation of the
future results of operations of the Company.

3. MARKETABLE SECURITIES

At March 31, 2008 and December 31, 2007, marketable securities have a cost and
estimated fair value of $250,000. The market value of the marketable securities
did not change as the securities were fixed yield bonds with a fixed price and
fixed interest rate. The investments are held-to-maturity and are recorded at
cost, which approximates market value. The bonds mature in April 2009.

4. INVENTORIES

 Inventories are summarized as follows:

                                            March 31,      December 31,
                                              2008            2007
                                              ----            ----
         Raw materials                      $10,427         $ 5,781
         Small tools                          5,081           4,761
                                            -------         -------
                                            $15,508         $10,542
                                            =======         =======

5. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

                                                  March 31,         December 31,
                                                    2008               2007
                                                    ----               ----
    Land                                         $   5,856         $   5,487
    Machinery and equipment                        712,714           666,893
    Construction in progress and other              38,724            36,282
                                                 ---------         ---------
                                                   757,294           708,662
  Less accumulated depreciation                   (599,994)         (540,949)
                                                 ---------         ---------
                                                 $ 157,300         $ 167,713
                                                 =========         =========

Depreciation expense for the three months ended March 31, 2008 and 2007 totalled
$22,637 and $19,002, respectively.


                                       10
<PAGE>

                  EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2008 AND 2007

6. NOTES PAYABLE - RELATED PARTIES

   a)    In September 2007, a related party advanced $366,449 to the Company.
         The note is due upon demand with interest at 10% per annum. Payments
         totalled $328,313. As of March 31, 2008 and December 31, 2007, the
         amount due the related party was $38,136 and $74,765, respectively. For
         the three months ended March 31, 2008, interest amounted to $1,619.

   b)    In November 2007, the Company received an advance of $5,000 from a
         company in which a related party has an equity interest. Interest is
         10% per annum and for the three months ended March 31, 2008, interest
         amounted to $125.

7. INCOME TAXES

The Company adopted the provisions of FIN 48 on January 1, 2007. As a result of
the implementation of FIN 48, the Company recognized no adjustment in the net
liability for unrecognized income tax benefits.

The nominal statutory corporate rate in the Republic of Moldova is 0% for 2008
and 15% for 2007. Taxes are calculated in accordance with Moldovan regulations
and are paid annually. Taxes are calculated on a separate entity basis since
consolidation for tax purposes is not permitted in Moldova. No taxes were
calculated for the three months ended March 31, 2007 as the tax laws enacted in
November 2007 changing the tax rate from 0% to 15% for 2007.

The Company files income tax returns in all jurisdictions in which it has reason
to believe it is subject to tax. The Company is subject to examination by
various taxing jurisdictions. To date, none of these examinations has resulted
in any material additional tax. The Company has never been examined by U.S.
jurisdictions. Nonetheless, any tax jurisdiction may contend that a filing
position claimed by the Company regarding one or more of its transactions is
contrary to that jurisdictions laws or regulations. Significant judgement is
required in determining the worldwide provisions for income taxes. In the
ordinary course of business of a global business, the ultimate tax outcome is

uncertain for many transactions. It is our policy to establish provisions for
taxes that may become payable in future years as a result of an examination by
tax authorities. We establish the provisions based upon management's assessment
of exposure associated with permanent tax differences and tax credits applied to
temporary difference adjustments. The tax provisions are analyzed periodically
(at least quarterly) and adjustments are made as events occur that warrant
adjustments to those provisions.

The Company has a U.S. net operating loss carryforward of approximately $57,000.
The net operating loss carryforward expires during 2024.


8.       STOCKHOLDERS' EQUITY

The Company is authorized to issue 100,000,000 shares of $.001 par value common
stock. As of March 31, 2008 and 2007 there were 15,053,000 common shares
outstanding.

On May 2, 2008, the Company entered into a subscription agreement with a private
investor for an equity investment of $5,000,000 in the Company through the
purchase by the investor of 1,250,000 shares of the Company's common stock.

The net proceeds of the private placement will be primarily used to fund the
Company's operations.


9.       COMMITMENTS AND CONTINGENCIES

The Company entered into a retransmission rights agreements with Russian
Broadcasting Channels JSC "NTV" and JSC "NTV-Mir" owned by Gazprom Media, a
wholly-owned subsidiary of the GazProm Corporation, to retransmit programs from
these television networks. The contract is on an long term basis through 2010
and the Company will pay $229,333 per year. For the three months ended March 31,
2008 and 2007, the Company expensed $57,333 and $57,333, respectively.


                                       11
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

General


Organization

Emerging Media Holdings, Inc was incorporated in the State of Nevada on
September 3, 2003. The Company directs its operations through its subsidiaries,
Media Alianta ( formerly Cabavarum S.R.L) and Analytic Media Group, S.A.
("AMG"). Both subsidiaries' operations and assets are located in the Republic of
Moldova. Through its subsidiaries, the Company's primary activities are in radio
and television broadcasting. The Company earns its revenue primarily through
advertisement sales.

Basis of Presentation

In July 2006, EMH entered into a share exchange agreement with Media Alianta
(Cabavarum S.R.L. before), a Moldova company, with primary activities in radio
and television broadcasting. In connection with the share exchange, the Company
acquired the assets and assumed the liabilities of Cabavarum. For accounting
purposes, the share exchange has been treated as a recapitalization of
Cabavarum.

As provided for in the share exchange agreement, the stockholders of Cabavarum
received 5,251,000 shares of newly issued EMH common stock in exchange for the
outstanding shares of Cabavarum they held, which was accounted for as a
recapitalization. The financial statements prior to July 2006, are those of
Cabavarum and reflect the asset and liabilities of Cabavarum and AMG at
historical carrying amounts. In addition, certain shareholders of EMH
transferred 6,726,400 shares to associates of Cabavarum. The associates provided
consulting services to the shareholders of Cabavarum in connection with the
merger with EMH, marketing activities, relations within the Russian media
market, computer programming and acquisitions.

Immediately following the share exchange, EMH had a total of 15,053,000 common
shares issued and outstanding, of which the shareholders and associates of
Cabavarum controlled 80% of the outstanding common stock.

The financial statements of EMH have been revised to retroactively reflect the
share exchange.

In addition, the resignation of the former officer and directors of EMH took
effect upon the close of the share acquisition exchange. The Cabavarum Board of
Directors became the Board of Directors of EMH and Chiril Luchinsky became
president and Chief Executive Officer. Chiril Luchinsky has resigned in favour
of Iurie Bordian on October 14, 2006.

Critical Accounting Policies and Estimates


Our significant accounting policies are more fully described in Note 1 of Notes
to the Consolidated Financial Statements. However, certain accounting policies
and estimates are particularly important to the understanding of the our
financial position and results of operations and require the application of
significant judgment by our management or can be materially affected by changes
from period to period in economic factors or conditions that are outside the
control of management. As a result they are subject to an inherent degree of
uncertainty. In applying these policies, our management uses their judgment to
determine the appropriate assumptions to be used in the determination of certain
estimates. Those estimates are based on our historical operations, our future
business plans and projected financial results, the terms of existing contracts,
our observance of trends in the industry, information provided by our customers
and information available from other outside sources, as appropriate.

The Company believes the following critical accounting policies affect its more
significant judgments and estimates used in the preparation of its consolidated
financial statements.


Allowance for Doubtful Accounts

The Company maintains allowances for doubtful accounts for estimated losses from
the inability of its customers to make required payments. The Company determines
its reserves by both specific identification of customer accounts where
appropriate and the application of historical loss experience to non-specific
accounts. If the financial condition of the Company's customers were to

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deteriorate, resulting in an impairment of their ability to make payments,
additional allowances could possibly be required.

Revenue Recognition

The Company recognizes revenue in accordance with the guidance in SEC Staff
Accounting Bulletin No. 104, "Revenue Recognition in Financial Statements".
Revenue from advertisement sales is recognized on a contract basis and is earned
over the life of the contract as the services for advertising are performed.

Income Taxes

Income taxes are accounted for under Statement of Financial Accounting Standards
("SFAS") No. 109, "Accounting for Income Taxes". In accordance with SFAS No.
109, deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax
bases, as measured by enacted tax rates that are expected to be in effect in the
periods when the deferred tax assets and liabilities are expected to be settled
or realized. Significant judgment is required in determining the worldwide
provisions for income taxes. In the ordinary course of a global business, the
ultimate tax outcome is uncertain for many transactions. It is the Company's
policy to establish provisions for taxes that may become payable in future years
as a result of an examination by tax authorities. The Company establishes the
provisions based upon management's assessment of exposure associated with
permanent tax differences and tax credits applied to temporary difference
adjustments. The tax provisions are analyzed periodically (at least quarterly)
and adjustments are made as events occur that warrant adjustments to those
provisions.

Foreign currency accounting

The financial position and results of operations of our foreign subsidiaries in
the Republic of Moldova are measured using the foreign subsidiaries' local
currency, the Moldovan lei, as the functional currency since that is the
currency of the primary environment in which those companies generate their
revenues and expenses. Revenues and expenses of such subsidiaries are translated
into U.S. dollars at average exchange rates prevailing during the period. Assets
and liabilities are translated at the rates of exchange on the balance sheet
date. The resulting translation gain and loss adjustments are recorded directly
as a separate component of shareholders' equity. The amount of future
translation gains or losses will be affected by any changes in the exchange rate
between the lei and the U.S. dollar.

Although our Moldovan subsidiaries incur most of their expenses in the lei, many
of their sales are to customers outside of Moldova and are therefore denominated
in currencies other than the lei (principally the U.S. dollar). Additionally,
our Moldova subsidiaries have certain bank loans that are denominated in U.S.
dollars, and make certain purchases that are denominated in U.S. dollars. As
required by SFAS No. 52, "Foreign Currency Translation", at the time of such a
U.S dollar denominated transaction the subsidiary records the revenue and
related receivable, or the bank debt or other liability, in lei on the basis of
the exchange rate in effect on the date of the transaction. However, if the
exchange rate between the lei and the currency in which the transaction is
denominated changes between the date of the original transaction and the date
the resulting receivable is collected or liability is paid, the amount received
or paid, when converted to lei, will be different than the receivable or
liability originally recorded, resulting in a foreign currency transaction gain
or loss which is recorded in the results of operations. Additionally, at the end
of each reporting period the lei amounts for the receivables, bank debts and
accounts payable of our Moldova subsidiaries that are denominated in U.S.
dollars are adjusted to reflect the amount in lei expected to be received or
paid when the receivable is collected or the liability settled on the basis of
the exchange rate at the end of the period. These adjustments also produce
foreign currency transaction gains or losses which are recorded in the results
of operations.

As a result, in periods in which the value of the lei increases against the
value of the U.S. dollar, we will recognize a net foreign currency transaction
gain if our Moldova subsidiaries have U.S. dollar denominated liabilities that
exceed their U.S. dollar denominated receivables, or we will incur a net foreign
currency transaction loss if our Moldova subsidiaries have U.S. dollar
denominated receivables that exceed their U.S. dollar denominated liabilities.
Conversely, in periods in which the value of the lei declines against the value
of the U.S. dollar, we will incur a net foreign currency transaction loss if our
Moldova subsidiaries have U.S. dollar denominated liabilities that exceed their
U.S. dollar denominated receivables, or we will recognize a net foreign currency
transaction gain if our Moldova subsidiaries have U.S. dollar denominated
receivables that exceed their U.S. dollar denominated liabilities.

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<PAGE>

The amount of these gains or losses will depend on the amount, if any, by which
the U.S. dollar denominated receivables of our Moldova subsidiaries exceed their
U.S. dollar denominated liabilities, or vice versa, and the amount, if any, by
which the value of the lei changes against the value of the U.S. dollar. We
cannot predict the amount, if any, by which the lei will increase or decrease in
value against the U.S. dollar. Additionally, the amount of the U.S. dollar
denominated receivables and liabilities of our Moldova subsidiaries will vary
from period to period.


Results of Operations

The year 2007 was a period of continuous growth of the market share of channel
TV7. During this period the TV channel focused on increasing its audience. As a
result of our successful effort, according to AGB data Analysis, TV7 channel has
maintained the second place in the capital of Moldova, Chisinau. The year 2008,
based on the TV viewers' data and assessment of professional TV market
observers, channel TV7 is expected to have at least a 20% commercial quota in
Moldova.

Three months ended March 31, 2008 compared to the three months ended March 31,
2007.

REVENUES. Revenues for the period ended March 31, 2008, increased by $ 103,288
or 50% to $309,077 as compared to $205,789 during the same period of 2007.
Overall growth was primarily driven by the performance of our advertising
segment and continued strategy of developing services.

COST OF SALES. Cost of sales increased by $ 97,089 or 90% to $ 204,809 for the
period ending March 31, 2008, from $107,720 for the period ended March 31, 2007.
This increase was primarily due to increased sales of the Company.

SELLING AND ADMINISTRATIVE EXPENSES. Selling and Administrative Expenses
increased by $23,725 or 38% to $86,027 for the period ending March 31, 2008 from
$62,302 for the period ended March 31, 2007. This increase was primarily due to
the increase in payroll expenses.


OTHER ITEMS. Other income increased by $9,054 or 72%% comparing to $21,603 for
the period ended March 31, 2008 to $12,549 for the period ended March 31, 2007
primarily due to consulting income earned in our U.S. operations.

INCOME TAXES. Income taxes were not calculated for the periods ended March 31,
2008 and March 31, 2007 as the Moldovan tax rate was 0% for the two periods.

LIQUIDITY AND CAPITAL RESOURCES

During the fourth quarter of 2007 and continuing into the first quarter of 2008,
the Company's revenues have begun to increase to approach levels that are
comparable to 2005 levels. The Company expects to invest in new equipment and
modernize old equipment and acquire additional licenses and patents for
television products. The Company expects that cash flow from increased
operations will be sufficient to fund the operations of the Company for the next
twelve months as well as fund the Company's investment in new equipment.

A portion of the existing long-term and short-term investments will be used to
fund operations over the next twelve months. The balance of any excess cash
balances will be reinvested on a short-term basis. The market value of long-term
investments did not change as the investments were fixed yield bonds with a
fixed price and fixed interest rate. There is no secondary market for the fixed
yield bonds in the Republic of Moldova, thus the face value of the investments
must match the market value at all times.

The Company will need to purchase services for broadcasting content and leasing
broadcasting coverage through uplink in order to produce "high qualified
broadcasting". In order to assure that the programming is distributed to as many
households as possible, the Company will need to employ the services of uplink.
The use of the uplink services would allow the company to transfer its digital
signal through satellite, which in return will allow the Company to transfer its
broadcasting content to all of the cable networks in the country and thus
increase its market share. These services are traditionally provided by
technological telecommunication companies, whose services the Company intends to

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<PAGE>

use. The leasing rate for the transfer of the digital signal through the
satellite is estimated at $14,000 - 15,000 USD per month. The uplink services
will allow the Company:

a. To make the broadcasting more attractive as it becomes digital.

b. To increase the number of viewers as satellite broadcasting will cover much
larger part of the country.

The Company plans to acquire equipment to produce the broadcast programs (for
studios, for breaking news mobile systems, etc); as such, this acquisition and
the uplink services might present significant impact on our liquidity and
capital resources of the company. The Company believes the cash flows from
operations will be sufficient to fund the purchases of this equipment.

On May 2, 2008, the Company acquired the common stock of "TNT-Bravo" channel
(Media Top Prim S.R.L.), the exclusive operator in Moldova of Russian channel
TNT programs owned by Gazprom Media, a wholly-owned subsidiary of the GazProm
Corporation. The acquisition was made in the Company's preferred stock valued at
$4.0 million. The preferred shares are convertible into common shares on a 1:1
basis after a holding period of one year on the condition the Company's stock
price will not be less than $4 per share. The acquisition has been accounted for
using the purchase method of accounting, and accordingly, the results of
operations of Media Top Prim S.R.L. will be included in the Company's
consolidated financial statements from May 2, 2008.


On May 2, 2008, the Company entered into a subscription agreement with a private
investor for an equity investment of $5,000,000 in the Company through the
purchase by the investor of 1,250,000 shares of the Company's common stock. The
net proceeds of the private placement will be primarily used to fund the
Company's operations.

     During first three months of 2008, the Company has funded its capital
requirements through operations. As of March 31, 2008 the Company had a cash
balance of $203,396. This compares with a cash balance of $179,813 at December
31, 2007. The Company expects cash flow from operations to fund the Company's
operating activities for the next twelve months. The proceeds of $5 million from
our recent private placement will enable the Company to expand its present
activities.

     During the three months ended March 31, 2008, the Company's cash increased
by approximately $24,000, reflecting approximately $89,000 provided by operating
activities (principally as a result of net income of $22,000, depreciation of
$23,000 and a change in operating assets and liabilities of $44,000) offset, in
part, by $43,000 used in debt repayments and $11,000 used for the purchase of
equipment.

Off Balance Sheet Arrangements

We do not currently have any off balance sheet arrangements falling within the
definition of Item 303(c) of Regulation S-B.

Inflation

To date inflation has not had a material impact on our operations.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.


         Credit Risk - Our accounts receivables are subject, in the normal
course of business, to collection risks. We regularly assess these risks and
have established policies and business practices to protect against the adverse
effects of collection risks. As a result we do not anticipate any material
losses in this area.

         Foreign Currency Risk - Our reporting currency is the United States
dollar. Foreign currency transactions are primarily undertaken in the Moldovan
lei and are translated into United States dollars using exchange rates at the
date of the transaction. Our accounting policies and risks associated with
foreign currency exposures related to transactions denominated in currencies
other than U.S. dollars are discussed above in Item 2 under the caption "Foreign
currency accounting". We do not engage in financial transactions for trading or
speculative purposes.

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<PAGE>

ITEM 4T. CONTROLS AND PROCEDURES

As of March 31, 2008, the end of the period covered by this quarterly report,
the Chief Executive Officer and Chief Financial Officer of the Company (the
"Certifying Officer") conducted evaluations of the Company's disclosure controls
and procedures. As defined under Sections 13a-15(e) and 15d-15(e) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), the term
"disclosure controls and procedures" means controls and other procedures of an
issuer that are designed to ensure that information required to be disclosed by
the issuer in the reports that it files or submits under the Exchange Act is
recorded, processed, summarized and reported, within the time periods specified
in the Commission's rules and forms. Disclosure controls and procedures include,
without limitation, controls and procedures designed to ensure that information
required to be disclosed by an issuer in the reports that it files or submits
under the Exchange Act is accumulated and communicated to the issuer's
management, including the Certifying Officers, to allow timely decisions
regarding required disclosure. Based on this evaluation, the Certifying Officer
concluded that the Company's disclosure controls and procedures were effective
to ensure that material information is recorded, processed, summarized and
reported by management of the Company on a timely basis in order to comply with
the Company's disclosure obligations under the Exchange Act, and the rules and
regulations promulgated there under.

Further, there were no changes in the Company's internal control over financial
reporting during the first fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the Company's internal control over
financial reporting.



                                     PART II
                                Other Information

Item 1.  LEGAL PROCEEDINGS.

None.



ITEM 1A. RISK FACTORS.

There are no material changes in the risk factors previously disclosed in our
10-KSB for the year ended December 31, 2007.

ITEM 2.  UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS.

Not applicable

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.

Not applicable.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 5.  OTHER INFORMATION.

Not applicable.

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ITEM 6.  EXHIBITS.


31       Certification of Chief Executive Officer and Chief Financial
         OfficerPursuant to Section 302 of the Sarbanes Oxley Act of 2002.


32       Certification of Chief Executive Officer and Chief Financial Officer
         Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906
         of the Sarbanes-Oxley Oxley Act of 2002.



                                   SIGNATURES

         Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                             Emerging Media Holdings, Inc.
                                                     (Registrant)

                                      By:   /s/  Iurie Bordian
                                            ------------------------------------
Dated: May 8, 2008                               Iurie Bordian,
                                            Chief Executive Officer and Chief
                                            Financial Officer


EXHIBIT INDEX

--------------------------------------------------------------------------------
Exhibit Number                   Description
--------------------------------------------------------------------------------
      31    Certification  of Chief Executive Officer and Chief Financial
            Officer Pursuant to Section 302 of the Sarbanes  Oxley Act of 2002.
--------------------------------------------------------------------------------
      32    Certification of Chief Executive and ChiefFinancial Officer Pursuant
            to 18  U.S.C.  Section  1350 as adopted pursuant to Section  906 of
            the Sarbanes-Oxley Oxley Act of 2002.
--------------------------------------------------------------------------------



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