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

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

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| Large accelerated filer  o           | Accelerated filer  o         |
|------------------------------------------------|----------------------------------------|
|                                           |                                   |
| Non-accelerated filer    o | Smaller reporting company  x |

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| Emerging Media Holdings, Inc. and Subsidiaries |
|------------------------------------------------|
|                                           |   |   |
| Index                                          |
|                                           |   | Page |
| PART I.                                        | FINANCIAL INFORMATION |   |
|                                           |   |   |
| Item 1.                                        | Financial Statements | 1 |
|                                           |   |   |
|                                           | Consolidated Balance Sheets as of March 31, 2011 |   |
|                                           |  and December 31, 2010  (Unaudited) | 2 |
|                                           |   |   |
|                                           | Consolidated Statements of Operations for the Three Months Ended March 31, 2011 and 2010 (Unaudited) | 3 |
|                                           |   |   |
|                                           | Consolidated Statements of Comprehensive Income for the Three Months ended March 31, 2011 and 2010 (Unaudited) | 4 |
|                                           |   |   |
|                                           | Consolidated Statement of Stockholders' Equity for the Period Ended March 31, 2011 (Unaudited) | 5 |
|                                           |   |   |
|                                           | Consolidated Statements of Cash Flows for the Three Months  Ended March 31, 2011 and 2010 (Unaudited) | 6-7 |
|                                           |   |   |
|                                           | Notes to Unaudited Consolidated Financial Statements | 8 |
|                                           |   |   |
| Item 2.                                        | Management's Discussion and Analysis of Financial |   |
|                                           | Condition and Results of Operations | 15 |
|                                           |   |   |
| Item 3.                                        | Quantitative and Qualitative Disclosures About Market Risk | 18 |
|                                           |   |   |
| Item 4.                                        | Controls and Procedures | 19 |
|                                           |   |   |
|                                           |   |   |
| PART II.                                       | OTHER INFORMATION |   |
|                                           |   |   |
| Item 6.                                        | Exhibits. | 19 |
|                                           |   |   |
| Signatures                                     | 19 |

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| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES                                                                            |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED BALANCE SHEETS                                                                                              |   |
| (Unaudited)                                                                                                              |   |
|                                                                                                                     |   |   |   |   |   |   |
| ASSETS                                                                                                                   |   |
|                                                                                                                     |   | March 31, |   |   | December 31, |   |
|                                                                                                                     |   | 2011 |   |   | 2010 |   |
| CURRENT ASSETS:                                                                                                          |   |   |   |   |   |   |
|     Cash and cash equivalents                                                                        |   | $ | 27,511 |   |   | $ | 37,458 |   |
|     Accounts receivable - net of allowance for doubtful accounts of $-0-                             |   |   |   |   |   |   |   |   |
|       and $5,000                                                                           |   |   | 239,767 |   |   |   | 294,288 |   |
|     Inventories                                                                                      |   |   | 6,736 |   |   |   | 876 |   |
|     Employee receivables and other current assets                                                    |   |   | 28,377 |   |   |   | 96,322 |   |
|     Net assets of subsidiaries sold                                                                  |   |   | - |   |   |   | 977,647 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
|        Total Current Assets                                                           |   |   | 302,391 |   |   |   | 1,406,591 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| Property, plant and equipment, net                                                                                       |   |   | 23,245 |   |   |   | 10,827 |   |
| Intangible assets - net                                                                                                  |   |   | 187,021 |   |   |   | 201,225 |   |
| Goodwill                                                                                                                 |   |   | - |   |   |   | 3,639,645 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| TOTAL ASSETS                                                                                                             |   | $ | 512,657 |   |   | $ | 5,258,288 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| LIABILITIES AND EQUITY                                                                                                   |   |   |   |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| CURRENT LIABILITIES:                                                                                                     |   |   |   |   |   |   |   |   |
|   Accounts payable                                                                                             |   | $ | 31,735 |   |   | $ | 17,348 |   |
|   Accrued expenses                                                                                             |   |   | 12,863 |   |   |   | 9,136 |   |
|   Customer deposits                                                                                            |   |   | 12,112 |   |   |   | - |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
|        Total Current Liabilities                                                      |   |   | 56,710 |   |   |   | 26,484 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| Commitments and Contingencies                                                                                            |   |   | - |   |   |   | - |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| EQUITY:                                                                                                                  |   |   |   |   |   |   |   |   |
|     Emerging Media Holdings Inc. and Subsidiaries Stockholders' Equity:                              |   |   |   |   |   |   |   |   |
|       Common stock, $.001 par value, 100,000,000 shares                                    |   |   |   |   |   |   |   |   |
|        authorized; 12,250,920 and 12,250,920 shares issued                            |   |   |   |   |   |   |   |   |
|        at March 31, 2011 and December 31, 2010                                        |   |   | 12,251 |   |   |   | 12,251 |   |
|      Additional paid-in-capital                                                                 |   |   | 5,773,855 |   |   |   | 5,670,566 |   |
|      Deficit                                                                                    |   |   | (3,520,507 | ) |   |   | (596,191 | ) |
|      Accumulated other comprehensive income (loss)                                              |   |   | (415 | ) |   |   | 51,126 |   |
|      Less: Cost of common stock in treasury, 4,811,760 and 11,760 shares                        |   |   |   |   |   |   |   |   |
|        at March 31, 2011 and December 31, 2010                                        |   |   | (1,809,237 | ) |   |   | (9,237 | ) |
|         Total Emerging Media Holdings Inc. and Subsidiaries Stockholders' Equity |   |   | 455,947 |   |   |   | 5,128,515 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| Noncontrolling interest                                                                                                  |   |   | - |   |   |   | 103,289 |   |
|         Total Equity                                                             |   |   | 455,947 |   |   |   | 5,231,804 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
|       TOTAL LIABILITIES AND EQUITY                                                         |   | $ | 512,657 |   |   | $ | 5,258,288 |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES                |   |
|--------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF OPERATIONS                        |   |
| (Unaudited)                                                  |   |
|                                                         |   |   |   |   |   |   |
|                                                         |   | For The Three Months Ended |   |
|                                                         |   | March 31, |   |
|                                                         |   | 2011 |   |   | 2010 |   |
| Revenues                                                     |   | $ | 425,205 |   |   | $ | 599,439 |   |
|                                                         |   |   |   |   |   |   |   |   |
| Costs and expenses:                                          |   |   |   |   |   |   |   |   |
|   Cost of sales                                    |   |   | 288,430 |   |   |   | 521,932 |   |
|   Selling, general and administrative expenses     |   |   | 191,286 |   |   |   | 267,751 |   |
|                                                         |   |   | 479,716 |   |   |   | 789,683 |   |
|                                                         |   |   |   |   |   |   |   |   |
|   Loss from continuing operations                  |   |   | (54,511 | ) |   |   | (190,244 | ) |
|                                                         |   |   |   |   |   |   |   |   |
| Other income (expense):                                      |   |   |   |   |   |   |   |   |
|   Loss on disposition of subsidiaries              |   |   | (2,870,845 | ) |   |   | - |   |
|   Other income (principally interest income)       |   |   | 1,040 |   |   |   | 5,363 |   |
|                                                         |   |   | (2,869,805 | ) |   |   | 5,363 |   |
|                                                         |   |   |   |   |   |   |   |   |
| Loss from continuing operations before                       |   |   | (2,924,316 | ) |   |   | (184,881 | ) |
|   provision for income taxes                       |   |   |   |   |   |   |   |   |
|                                                         |   |   |   |   |   |   |   |   |
| Provision for income taxes                                   |   |   | - |   |   |   | - |   |
|                                                         |   |   |   |   |   |   |   |   |
| Loss from continuing operations                              |   |   | (2,924,316 | ) |   |   | (184,881 | ) |
|                                                         |   |   |   |   |   |   |   |   |
| Discontinued operations (Note 11):                           |   |   |   |   |   |   |   |   |
|   Earnings (loss) from operations of SC Genesis    |   |   |   |   |   |   |   |   |
|    International S.A.                         |   |   | - |   |   |   | (327,675 | ) |
|                                                         |   |   | - |   |   |   | (327,675 | ) |
|                                                         |   |   |   |   |   |   |   |   |
| Net loss                                                     |   |   | (2,924,316 | ) |   |   | (512,556 | ) |
|                                                         |   |   |   |   |   |   |   |   |
| Less: Net loss attributable to the                           |   |   |   |   |   |   |   |   |
|   noncontrolling interest                          |   |   | - |   |   |   | (65,535 | ) |
|                                                         |   |   |   |   |   |   |   |   |
| Net loss attributable to Emerging Media                      |   |   |   |   |   |   |   |   |
|   Holdings, Inc. and Subsidiaries                  |   | $ | (2,924,316 | ) |   | $ | (447,021 | ) |
|                                                         |   |   |   |   |   |   |   |   |
| Earnings (loss) per common share:                            |   |   |   |   |   |   |   |   |
|   Earnings (loss) per common share attributable to |   |   |   |   |   |   |   |   |
|   Emerging Media Inc. and Subsidiaries             |   |   |   |   |   |   |   |   |
|   common shareholders from continuing              |   |   |   |   |   |   |   |   |
|   operations - basic and diluted                   |   | $ | (0.32 | ) |   | $ | (0.01 | ) |
|                                                         |   |   |   |   |   |   |   |   |
|   Earnings (loss) per common share attributable to |   |   |   |   |   |   |   |   |
|   Emerging Media Inc. and Subsidiaries             |   |   |   |   |   |   |   |   |
|   common shareholders from discontinued            |   |   |   |   |   |   |   |   |
|   operations - basic and diluted                   |   | $ | 0.00 |   |   | $ | (0.02 | ) |
|                                                         |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding                   |   |   |   |   |   |   |   |   |
|   - basic and diluted                              |   |   | 9,157,587 |   |   |   | 17,858,556 |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES              |   |
|------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME            |   |
| (Unaudited)                                                |   |
|                                                       |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |
|                                                       |   | For the Three Months Ended |   |
|                                                       |   | March 31, |   |
|                                                       |   | 2011 |   |   | 2010 |   |
|                                                       |   |   |   |   |   |   |
| Net loss                                                   |   | $ | (2,924,316 | ) |   | $ | (512,556 | ) |
|                                                       |   |   |   |   |   |   |   |   |
| Other comprehensive income (loss) - net of tax:            |   |   |   |   |   |   |   |   |
| Currency translation adjustment                            |   |   | (51,541 | ) |   |   | (50,113 | ) |
|                                                       |   |   |   |   |   |   |   |   |
| Comprehensive income (loss)                                |   |   | (2,975,857 | ) |   |   | (562,669 | ) |
|     Less:                              |   |   |   |   |   |   |   |   |
| Comprehensive income (loss) attributable to noncontrolling |   |   |   |   |   |   |   |   |
|   interest                                       |   |   | - |   |   |   | - |   |
|                                                       |   |   |   |   |   |   |   |   |
| Comprehensive income (loss) attributable to Emerging       |   |   |   |   |   |   |   |   |
|   Media Inc. and Subsidiaries                    |   | $ | (2,975,857 | ) |   | $ | (562,669 | ) |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES         |   |
|-------------------------------------------------------|--------|
| CONSOLIDATED STATEMENT OF EQUITY                      |   |
| (Unaudited)                                           |   |
|                                                  |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   | Common Stock |   |   |   |   |   | Retained |   |   | Other |   |   |   |   |   |   |   |
|                                                  |   |   |   |   | Comprehensive |   |   | Number of |   |   |   |   |   | Additional Paid |   |   | Earnings |   |   | Comprehensive |   |   | Treasury |   |   | Noncontrolling |   |
|                                                  |   | Total |   |   | Income |   |   | Shares |   |   | Amount |   |   | In Capital |   |   | (Deficit) |   |   | Income (Loss) |   |   | Stock |   |   | Interest |   |
| Balance, January 1, 2010                              |   | $ | 9,984,611 |   |   |   |   |   |   | 17,303,000 |   |   | $ | 17,303 |   |   | $ | 9,026,003 |   |   | $ | 721,510 |   |   | $ | (406,856 | ) |   | $ | (9,237 | ) |   | $ | 635,888 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of common stock                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for acquisition                           |   |   |   |   |   |   |   |   |   | 1,250,000 |   |   |   | 1,250 |   |   |   | 346,149 |   |   |   |   |   |   |   | (29,455 | ) |   |   |   |   |   |   | (317,944 | ) |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale of SC Genesis                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   International S.A.                        |   |   | (3,377,560 | ) |   |   |   |   |   | (8,443,900 | ) |   |   | (8,444 | ) |   |   | (3,369,116 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-cash based compensation                           |   |   | 17,000 |   |   |   |   |   |   | 100,000 |   |   |   | 100 |   |   |   | 16,900 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1:5 Forward split adjustment                          |   |   |   |   |   |   |   |   |   | 2,041,820 |   |   |   | 2,042 |   |   |   | (2,042 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment to noncontrolling interest                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for sale of SC Genesis                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   International S.A.                        |   |   | - |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (347,328 | ) |   |   |   |   |   |   | 276,138 |   |   |   |   |   |   |   | 71,190 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss year ended                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    December 31, 2010                   |   |   | (1,603,546 | ) |   | $ | (1,603,546 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (1,317,701 | ) |   |   |   |   |   |   |   |   |   |   | (285,845 | ) |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency translation                                  |   |   | 211,299 |   |   |   | 211,299 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 211,299 |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Comprehensive loss      |   |   |   |   |   | $ | (1,392,247 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2010                            |   |   | 5,231,804 |   |   |   |   |   |   |   | 12,250,920 |   |   |   | 12,251 |   |   |   | 5,670,566 |   |   |   | (596,191 | ) |   |   | 51,126 |   |   |   | (9,237 | ) |   |   | 103,289 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock received for                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   disposition of subsidiaries               |   |   | (1,800,000 | ) |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | - |   |   |   | (1,800,000 | ) |   |   | - |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment to noncontrolling interest                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for sale of Alkasar Media Services S.R.L. |   |   | - |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 103,289 |   |   |   |   |   |   |   | - |   |   |   |   |   |   |   | (103,289 | ) |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss March 31, 2011                               |   |   | (2,924,316 | ) |   | $ | (2,924,316 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (2,924,316 | ) |   |   |   |   |   |   |   |   |   |   | - |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency translation                                  |   |   | (51,541 | ) |   |   | (51,541 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (51,541 | ) |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Comprehensive loss      |   |   |   |   |   | $ | (2,975,857 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, March 31, 2011                               |   | $ | 455,947 |   |   |   |   |   |   |   | 12,250,920 |   |   | $ | 12,251 |   |   | $ | 5,773,855 |   |   | $ | (3,520,507 | ) |   | $ | (415 | ) |   | $ | (1,809,237 | ) |   | $ | - |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES                                          |   |
|----------------------------------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                  |   |
| (Unaudited)                                                                            |   |
|                                                                                   |   |   |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |
|                                                                                   |   | For The Three Months Ended |   |
|                                                                                   |   | March 31, |   |
|                                                                                   |   | 2011 |   |   | 2010 |   |
| Cash flows from operating activities:                                                  |   |   |   |   |   |   |
| Net loss                                                                               |   | $ | (2,924,316 | ) |   | $ | (512,556 | ) |
| Adjustments to reconcile net loss to net cash                                          |   |   |   |   |   |   |   |   |
|   provided by operating activities:                                          |   |   |   |   |   |   |   |   |
|     Depreciation and amortization                                  |   |   | 14,869 |   |   |   | 232,777 |   |
|     Loss on disposition of subsidiaries                            |   |   | 2,870,645 |   |   |   | - |   |
|     (Gain) loss on disposition of fixed assets                     |   |   | - |   |   |   | (975 | ) |
| Changes in operating assets and liabilities:                                           |   |   |   |   |   |   |   |   |
|    Decrease in trade receivables                                        |   |   | 1,942 |   |   |   | 1,403,162 |   |
|     (Increase) in inventories                                      |   |   | (5,860 | ) |   |   | (379,212 | ) |
|     (Increase) decrease in employee receivables and other          |   |   |   |   |   |   |   |   |
|         current assets                         |   |   | 15,092 |   |   |   | (73,817 | ) |
|    Decrease in restricted cash                                          |   |   | - |   |   |   | 103,550 |   |
|    Increase (decrease) in accounts payable,                             |   |   |   |   |   |   |   |   |
|        accrued liabilities and income taxes payable |   |   | 18,114 |   |   |   | (902,720 | ) |
|    Increase (decrease) in customer deposits                             |   |   | 12,112 |   |   |   | (174,777 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
|    Net Cash Provided by (Used In) Operating Activities                  |   |   | 2,598 |   |   |   | (304,568 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                                  |   |   |   |   |   |   |   |   |
|     Purchase of property, plant and equipment                      |   |   | (13,083 | ) |   |   | (6,512 | ) |
|     Proceeds from sale of fixed assets                             |   |   |   |   |   |   | 5,217 |   |
|     Proceeds from sale of marketable securities                    |   |   | - |   |   |   | 78,101 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
|    Net Cash Provided by (Used In) Investing Activities                  |   |   | (13,083 | ) |   |   | 76,806 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                                  |   |   |   |   |   |   |   |   |
|    Proceeds from loans                                                  |   |   | - |   |   |   | 1,181,398 |   |
|    Repayment of debt                                                    |   |   | - |   |   |   | (1,200,116 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
|    Net Cash Used In Financing Activities                                |   |   | - |   |   |   | (18,718 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Effect of exchange rate changes on cash                                                |   |   | 538 |   |   |   | (2,190 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Net decrease in cash                                                                   |   |   | (9,947 | ) |   |   | (248,670 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents - Beginning of year                                          |   |   | 37,458 |   |   |   | 647,861 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents - End of year                                                |   | $ | 27,511 |   |   | $ | 399,191 |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES                 |   |
|---------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)             |   |
| (Unaudited)                                                   |   |
|                                                          |   |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |
|                                                          |   | For The Three Months Ended |   |
|                                                          |   | March 31, |   |
|                                                          |   | 2011 |   |   | 2010 |   |
|                                                          |   |   |   |   |   |   |
| Supplemental disclosure cash flow information:                |   |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |
| Cash paid for interest                                        |   | $ | - |   |   | $ | 60,302 |   |
|                                                          |   |   |   |   |   |   |   |   |
| Cash paid for income taxes                                    |   | $ | - |   |   | $ | - |   |
|                                                          |   |   |   |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |   |   |
| Supplementary information:                                    |   |   |   |   |   |   |   |   |
| Non-cash transactions during the period for:                  |   |   |   |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |   |   |
|  Common stock received in connection                     |   |   |   |   |   |   |   |   |
|   with disposition of subsidiaries                  |   | $ | 1,800,000 |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |   |   |
| Adjustment of noncontrolling interest in                      |   |   |   |   |   |   |   |   |
|   connection with disposition of  subsidiaries |   | $ | 103,289 |   |   |   |   |   |

----

| 1. | DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|----|------------------------------------------------------------------------|

----

| 2. | ACQUISITIONS |
|----|--------------|

----

|   | Level 3 - Unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|                        |   |   |    |   | Assets at Fair Value as of March 31, 2011 and December 31, 2010 Using |   |
|-----------------------------|--------|--------|---------|--------|-----------------------------------------------------------------------|--------|
|                        |   |   |    |   | Quoted Prices in                                                      |   |   | Significant |   |   |   |   |
|                        |   |   |    |   | Active Markets                                                        |   |   | Other |   |   | Significant |   |
|                        |   |   |    |   | for Identical                                                         |   |   | Observable |   |   | Observable |   |
|                        |   |   |    |   | Assets                                                                |   |   | Inputs |   |   | Inputs |   |
|                        |   | Total  |    |   | (Level 1)                                                             |   |   | (Level 2) |   |   | (Level 3) |   |
| March 31, 2011              |   |   |    |   |                                                                  |   |   |   |   |   |   |   |
| Cash and cash equivalents   |   | $      | 27,511  |   |                                                                  | $      | 27,511 |   |   | $ | - |   |   | $ | - |   |
| Held-to-maturity securities |   |   | -       |   |                                                                  |   | - |   |   |   | - |   |   |   | - |   |
| Total                       |   | $      | 27,511  |   |                                                                  | $      | 27,511 |   |   | $ | - |   |   | $ | - |   |
| December 31, 2010           |   |   |    |   |                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents   |   | $      | 401,656 |   |                                                                  | $      | 401,656 |   |   | $ | - |   |   | $ | - |   |
| Held-to-maturity securities |   |   | 250,000 |   |                                                                  |   | - |   |   |   | - |   |   |   | 250,000 |   |
| Total                       |   | $      | 651,656 |   |                                                                  | $      | 401,656 |   |   | $ | - |   |   | $ | 250,000 |   |

----

|                       |   | Total  |       |
|----------------------------|--------|--------|------------|
|                       |   |   |       |
| Balance, December 31, 2010 |   | $      | 3,639,645  |   |
|                       |   |   |       |   |
| Sale of subsidiaries       |   |   | (3,639,645 | ) |
|                       |   |   |       |   |
| Balance, March 31, 2011    |   | $      | -          |   |

|               |   | March 31, 2011 |    |        | December 31, 2010 |   |
|--------------------|--------|----------------|---------|-------------|-------------------|--------|
|               |   | Gross Carrying |    | Accumulated |              |   | Gross Carrying |   | Accumulated |   |
|               |   | Amount         |    |        | Amortization      |   |   | Amount |   |   | Amortization |   |
|               |   |           |    |        |              |   |   |   |   |   |   |   |
| License agreements |   | $              | 348,000 |        |              | $      | 160,979 |   |   | $ | 348,000 |   |   | $ | 146,775 |   |

| Year Ending  |   | Amortization                                                                                             |
|--------------|--------|----------------------------------------------------------------------------------------------------------|
| December 31, |   | Expense                                                                                                  |
|         |   |                                                                                                     |
| 2011         |   |  $                35,510 |
| 2012         |   |        49,714                                                         |
| 2013         |   |        49,714                                                         |
| 2014         |   |        52,083                                                         |

| 5. | DISPOSITION OF SUBSIDIARIES |
|----|-----------------------------|

----

|                                      |   | March 31, |   |   | December 31, |   |
|-------------------------------------------|--------|-----------|--------|--------|--------------|--------|
|                                      |   | 2011      |   |   | 2010         |   |
| Machinery and equipment                   |   | $         | 30,732 |   |         | $      | 17,649 |   |
|                                      |   |      |   |   |         |   |   |   |
|   Less accumulated depreciation |   |      | 7,487  |   |         |   | 6,822 |   |
|                                      |   | $         | 23,245 |   |         | $      | 10,827 |   |

|                                                |   | March 31, |     |   | December 31, |   |
|-----------------------------------------------------|--------|-----------|----------|--------|--------------|--------|
|                                                |   | 2011      |     |   | 2010         |   |
| Balance at beginning of period                      |   | $         | 103,289  |   |         | $      | 635,888 |   |
|                                                |   |      |     |   |         |   |   |   |
| Adjustment for sale of Alkasar Media Services       |   |      |     |   |         |   |   |   |
|   S.R.L. 11 2011                          |   |      | (103,289 | )      |         |   | - |   |
|                                                |   |      |     |   |         |   |   |   |
| Adjustment of noncontrolling interest in connection |   |      |     |   |         |   |   |   |
|   with the acquisition of 20% of Genesis  |   |      |     |   |         |   |   |   |
|   International S.A. in 2010              |   |      | -        |   |         |   | (317,944 | ) |
|                                                |   |      |     |   |         |   |   |   |
| Adjustment for sale of 80% of Genesis               |   |      | -        |   |         |   | 71,190 |   |
|                                                |   |      |     |   |         |   |   |   |
| Noncontrolling interest share of income (loss)      |   |      | -        |   |         |   | (285,845 | ) |
|                                                |   |      |     |   |         |   |   |   |
| Balance at end of period                            |   | $         | -        |   |         | $      | 103,289 |   |

----

----

|                              |   | Three Months Ended |     |
|-----------------------------------|--------|--------------------|----------|
|                              |   | March 31,          |     |
|                              |   | 2010               |     |
| Sales                             |   | $                  | -        |   |
|                              |   |               |     |   |
| Loss before income tax benefit    |   |               | (327,675 | ) |
|                              |   |               |     |   |
| Loss from discontinued operations |   |               | (327,675 | ) |

|                             |   | Three Months Ended |    |
|----------------------------------|--------|--------------------|---------|
|                             |   | March 31,          |    |
|                             |   | 2011               |    |   | 2010 |   |
| Net Revenue by Geographic Areas: |   |               |    |   |   |   |
| United States                    |   | $                  | -       |   |   | $ | - |   |
| Europe                           |   |               | 425,205 |   |   |   | 599,439 |   |
|                             |   | $                  | 425,205 |   |   | $ | 599,439 |   |
|                             |   |               |    |   |   |   |   |   |
|                             |   | March 31,          |    |   | December 31, |   |
|                             |   | 2011               |    |   | 2010 |   |
| Total Assets:                    |   |               |    |   |   |   |   |   |
| United States                    |   | $                  | 188,715 |   |   | $ | 249,297 |   |
| Europe                           |   |               | 323,942 |   |   |   | 5,252,179 |   |
|                             |   | $                  | 512,657 |   |   | $ | 5,501,476 |   |

----

----

|   | · | The Company's media business revenues decreased during the first three months of 2011 due to the sale of three of the Company's media subsidiaries which included TV channel TV 7. The Company continues its operations through its subsidiary, ICS Media Top Prim SRL which owns the TNT channel in Chisnau, Moldova. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Company's media business operations were impacted during the first three months due to increased costs at its TNT channel as the media business increased focus on the production of high quality broadcasting, which required purchases of more expensive services. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Company's media business experienced increased competition from new TV channels during the first three months of 2011 that may affect future operations throughout 2011. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| 31     | Certification of Chief Executive Officer and Principal Financial Officer |
|--------|--------------------------------------------------------------------------|
|   | pursuant to Rule 13a-14(a)                                               |
| 32     | Certification of Chief Executive Officer and Principal Financial Officer |
|   |  pursuant to 18 U.S.C. Section 1350                                 |

|                |   | EMERGING MEDIA HOLDINGS, INC.                                      |
|---------------------|--------|--------------------------------------------------------------------|
|                |   | (Registrant)                                                       |
|                |   |                                                               |
|                |   |                                                               |
| Date: June 20, 2011 | By:    | /s/ Iurie Bordian                                                  |
|                |   |                                                               |
|                |   | Iurie Bordian, Chief Executive Officer and Chief Financial Officer |

----