LONDON — Polygram has upped its stake in Polygram Russia from 51% to 90%, acquiring the additional equity from entrepreneur Boris Zosimov, the joint venture partner in the music and film group’s Russian subsid. No figures were given.
Zosimov, previously chairman of Polygram Russia, now becomes non-exec chairman of the company.
At the same time, Giedrius Klimkevicius — who was the managing director of the Lithuanian record company Bomba — has been appointed managing director of Polygram Russia. Both Zosimov and Klimkevicius will report to Rick Dobbis, Polygram’s European prexy.
Polygram set up its Russian operation in 1994 when it acquired the music and publishing interests of Biz Enterprises, the media group founded by Zosimov.
Zosimov recently entered a joint venture with MTV Networks to create an MTV channel — due in September — for the Russian market. Zosimov has assumed the positions of chairman and general manager of MTV Russia.