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Russia's UTH offers to buy CTC Media assets
July 6, 2015 / 10:09 AM / 2 years ago

Russia's UTH offers to buy CTC Media assets

MOSCOW, July 6 (Reuters) - Russian broadcaster CTC Media said on Monday it had received a $200 million offer for 75 percent of its operating assets in Russia and Kazakhstan from UTH Russia, part-owned by billionaire Alisher Usmanov.

CTC, in which Sweden’s MTG owns a 38 percent stake, has been looking for a buyer for months to comply with a new Russian law which limits foreign ownership in media companies to 20 percent from January 1, 2016.

The company said it had agreed to grant UTH a period of exclusivity during which the parties will seek to agree terms of a deal.

It said following this transaction, the direct and indirect ownership of its operations in Russia would comply with new law.

UTH’s main shareholders are Usmanov’s holding company USM and M1, according to USM’s website. A spokeswoman for Usmanov declined to comment.

UTH Russia’s assets include Disney Russia, the MUZ-TV music channel and online video service ClipYou. (Reporting by Maria Kiselyova and Anastasia Teterevleva; editing by Jason Neely)

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