Arab Today, arab today russian independent tv station to be sold to billionaire oligarch
Last Updated : GMT 00:30:31
Arab Today, arab today
Arab Today, arab today
Media » TV

Russian independent TV station to be sold to billionaire oligarch

Arab Today, arab today

Arab Today, arab today Russian independent TV station to be sold to billionaire oligarch

Russian businessman Alisher Usmanov's UTH
Moscow - AFP

A leading Russian independent television company said Friday it had agreed to sell a 75 percent stake to Russian billionaire Alisher Usmanov as it rushes to comply with a law restricting foreign ownership.

CTC Media runs four entertainment channels on Russian television, which is largely dominated by state-owned media.

CTC said it agreed to the sale to ensure it complies with a controversial Russian law limiting foreign ownership of media companies to 20 percent.

Usmanov's UTH holding made an offer to buy a controlling stake in the broadcaster in July, and CTC said Thursday that the $200 million (180 million euros) cash offer was the only viable proposal it had received.

The agreement includes bumping up UTH's stake to 80 percent by January when the law's provisions come into force.

The sale "will enable the management team to focus on the business, with the issue of compliance with the mass media law resolved," CTC Media's CEO Yuliana Slashcheva was quoted as saying in a statement.

The law was adopted last year in an atmosphere of increased distrust of the West fuelled by the Ukraine crisis, with lawmakers saying it was specifically designed to target independent media waging an "information war against Russia."

While CTC's channels are purely entertainment, it was caught up in law's provisions as its majority shareholder had been Sweden's Modern Times Group with a 38 percent stake.

The legislation is forcing international media groups to cede control of their Russian assets if not leave the once-booming market outright.

German publishing giant Axel Springer announced last week that it had sold all of its Russian assets including GEO, OK! and the Russian version of Forbes, to local publisher Alexander Fedotov.

CTC Media has created localised versions of popular Western sitcoms including "Ugly Betty" and "The Nanny" as well as making original shows.

Usmanov's UTH holding owns U channel for women, MuzTV music channel and the localised Disney Channel. Usmanov is Russia's third richest billionaire worth $13.3 billion according to Russian Forbes magazine.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today russian independent tv station to be sold to billionaire oligarch Arab Today, arab today russian independent tv station to be sold to billionaire oligarch

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Media: تلفزيون
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday