Universal Network International will stop broadcasting Universal Channel and E! Entertainment Television in Russia due to the deteriorating economic situation, the company said in a statement on Friday.
"Due to the deteriorating economic situation for our paid TV channels Universal Channel and E! Entertainment Television, the Russian company Universal Networks International has decided to discontinue its activities of the Russian market and consider alternative possibilities for the development of this line of business," the company said.
"Nevertheless, Russia remains an important market for NBCUniversal International, and Universal Pictures International and NBCUniversal Television Distribution International will continue to carry out the program distribution in Russia as usual," the statement said.
Universal Networks International, the international unit for broadcasting NBCUniversal, operates in more than 176 countries and territories in Europe, the Middle East, Africa, Latin America and Asia-Pacific. Company's brand portfolio includes TV Universal Channel, Syfy, 13th Street, Studio Universal, E! Entertainment Television, The Style Network, DIVA, Telemundo and the Golf Channel. The company is a division of NBCUniversal.
In the summer of 2014, Russia passed a law that banned advertising on cable or satellite channels, which decreased the profit of the networks.