The final price for 75% of stocks of the holding’s subsidiary will be announced in February next year.
The Media Holding “CTC Media” closed the sale of one third of its subsidiary “CTC Investments” to another holding “UTV”, as the “TASS” agency informs.
The exact amount of the contract has not been announced yet, but as previously reported by Mediasat, the approximate price for 75% of assets was USD 200 million. The final value will be announced in February next year.
We shall recall that according to the laws of the Russian Federation, the companies established in other countries are not authorized to own over 20% of a TV channel or any other media. It was the very reason for the Holding to transfer its assets to the territory of Russia by shutting down the “CTC Media Inc.” in the USA and setting up its new subsidiary “CTC Investments”. In the early summer of this year, as featured by Mediasat, it became known of the interest expressed by the joint venture of businessmen Mr. Usmanov and Mr. Tavrin in acquiring a share in the “CTC Media”. In September, the Company’s Board yielded its consent to sell 75% of stocks to the “UTV” Holding. In December, Mediasat reported that the Russian Government would not impede the deal.
