The agreement between the companies to be signed before this year is out.
The Board of the CTC Media yielded its consent to the purchase of 75% of the company by the UTV holding for USD 200 million, as reported by Sostav.ru referring to the Vedomosti publication.
Both companies are still looking forward to the approval of terms and conditions by the US Securities and Exchange Commission, the minority shareholders of the CTC Media and the Federal Antimonopoly Service.
We shall recall that the CTC Media has been reorganizing its structure due to the legislative amendments prohibiting the foreign ownership of over 20% of the Russian media. In May, in order to comply with the law the company transferred its assets to the CTC Investments, the holding’s head business unit recently set up in the Russian Federation. In July, it became known that the media holding UTV owned by Usmanov and Tavrin wanted to buy a share in the CTC Media.
