By the end of this year, the “CTC Media” will fully comply with the laws of the Russian Federation.
The Government Commission on Monitoring Foreign Investment of the Russian Federation, at its meeting held on December 11, approved the request of the “UTV” Holding owned by businessmen Alisher Usmanov and Ivan Tavrin to acquire 80% of stocks of the company “CTC Investments”, as the “TASS” agency informs.
According to the contract signed by the two holdings, the “CTC Investments” will issue additional shares, 80% of which will be owned by the “UTV”. Thus, the “CTC Media” Holding will fully comply with the legislative amendments.
We shall recall that the “CTC Media” Holding carried out a reorganization resulting in the Russian “CTC Investments”’ becoming its dominant structure. We shall also recall that from the beginning of 2016 in the Russian Federation, the share of the companies or residents’ foreign ownership of Russian media assets shall not exceed 20%.
The “CTC Media” has nothing but to hold a shareholder meeting scheduled for this week, i.e. December 17. The meeting will give its consent to sell the company’s assets and will discuss the distribution of funds between stockholders.
We shall recall that plans of buying a share of the “CTC Media” by the “UTV” Media Holding became known in July of this year. According to the initial information, 75% of stocks were expected to sell for USD 200 million. Soon, this information was confirmed. In October the Mediasat reported that the holding owned by Mr. Usmanov and Mr. Tavrin would probably pay less than agreed before.
