Russian media group, Prof-Media, is buying film web TV-3 for an estimated $500 million-$550 million.
It’s a change of direction for the station, set up eight years ago by American Tim McDonald, who’s the station’s CEO. Earlier this year it had been reportedly looking into an IPO flotation.
TV-3 broadcasts in more than 300 towns with a combined population of more than 65.5 million, Prof-Media spokesman Konstantin Vorontsov said. It owns 28 stations, of which 15 were acquired in 2006, with the rest working as local partners.
Prof-Media, which is owned by Vladimir Potanin, has extensive media interests including press, as well as a controlling stake in top local film and TV producer, Central Partnership. Its most recent TV acquisition was Moscow channel 2X2, which it will relaunch as an animation-only station, with plans to expand across the country.