Russia’s Rostelecom is considering acquiring broadcaster CTC Media, according to a local report citing a source at the state-controlled telco.
Business daily Vedomosti said talks were not at an advanced stage, and come ahead of a law that will bar…
Russia’s Rostelecom is considering acquiring broadcaster CTC Media, according to a local report citing a source at the state-controlled telco.
Business daily Vedomosti said talks were not at an advanced stage, and come ahead of a law that will bar foreign investors from holding more than 20% of a Russian media outlet from 2016.
Rostelecom declined to comment
Headquartered in Moscow but incorporated in the US, Nasdaq-listed CTC manages channels across a variety of cable and satellite platforms.
It is 38%-owned by Swedish media firm Modern Times Group, which was forced to shut down its Russian DTH service Raduga TV late last year after failing to get a licence.
Vedomosti said UBS has been hired to help find buyers for the roughly 75% of CTC that is controlled by foreign shareholders.
Rostelecom, meanwhile, has been looking to bolster its broadcast services in recent years.
In February it bought a 25.33% chunk of Digital Television, part of the All-Russia State Television and Broadcasting Company (VGTRK) with which it has established a joint venture.
The telco was also reported to be eyeing Raduga TV before its collapse.
