Russian broadcaster CTC is to get a new ownership structure following the acquisition of a 25.2% stake by Telcrest Investments, a company backed by Mediaset LLC, National Media Group, Abit Holdings and Surgutneftegas, all affiliates of Bank Rossiya and Itera Media Limited.
The acquisition from Alfa CTC Media Holdings came after Modern Times Group (MTG), which holds a 38.2% interest in CTC, declined an offer to purchase the stake. MTG Russian, CTC Media and Telcrest have agreed a new deal whereby CTCs board will continue to have nine members, with MTG and Telcrest nominating three each and Peter Aven continuing to serve as co-chairman.
Hans-Holger Albrecht, president and CEO of MTG, said: ÂWe are very pleased to have signed this agreement with our new partner in CTC Media. We have held positive discussions with the shareholders of Bank Rossiya regarding our partnership moving forward, and the further development of CTC Media. We have been a shareholder in CTC Media since 2002 and have been closely involved in the successful growth of the business, which remains a strategic long-term investment for us.Â
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