World Economy

Russia Media Outlet Sells Stake

Russia Media Outlet Sells StakeRussia Media Outlet Sells Stake

CTC Media in Russia sells 75% stake for $200 million to UHT holding company of Alisher Usmanov and Ivan Tavrin, Tass quoted CTC Media as saying. “CTC Media board of directors is going to recommend the company’s shareholders to approve the deal at an extraordinary meeting that is going to be held at the earliest opportunity. The deal is expected to be completed before the end of December 2015,” the statement said. CTC Media restructuring is due to the new restrictions for foreign investment in Russia: in 2016, foreign companies or citizens cannot own or control over 20% of the media. MTG Russia, the company’s largest stockholder that holds around 38% of the company’s common stock has indicated that it is prepared to support the transaction “based on the terms of the agreement with UTH and the ability of the company to return value to stockholders.”