New CTC Media ownership structure confirmed

Russian broadcaster CTC Media has completed the sale of a 25.2% stake to Telcrest Investments, an investment vehicle backed by Bank Rossiya and Itera Media Limited.

Modern Times Group (MTG), which holds a 38.2% stake in CTC, earlier declined an offer to purchase the stake, on which it had an option, from Alfa CTC Media Holdings. The various parties have signed a new shareholders’ agreement to govern the relationship between them that is valid until June 6 2015.