Media-Most goes cold

Bank freezes accounts with $42 mil debt

MOSCOW — Russia’s Media-Most is facing financial pressure after one creditor froze company bank accounts on Nov. 2 and 3.

Dispute between Media-Most, which controls territory’s top commercial channel NTV, and state-owned Vneshekonombank (VEB) has been winding through local courts since the summer.

Current action concerns a credit line of $40 million extended in June 1998, which Media-Most has yet to repay.

Two-pronged attack

Media-Most has challenged VEB on two fronts, first claiming that the latter’s decision not to extend credit for another year broke contract conditions, then arguing that it had settled debt in defaulted government-issued treasury bills. Debt now stands at $42 million.

In its most recent decision, on Oct. 29, the court ruled in VEB’s favor, and gave the bank the right to freeze Media-Most’s accounts. Given local political factors — especially NTV’s likely political allegiances in upcoming parliamentary and presidential elections — the motivations behind the move are likely more than financial.

VEB extended a $100 million credit line to rival channel ORT, notably loyal to the Kremlin, earlier this year, but has adamantly refused to exchange its Media-Most debt for shares which it took as a pledge, as it did for ORT.

More Biz

  • Jack Ma Alibaba

    Alibaba Looking at Expansion in Advertising, Media Sectors

    MOSCOW — Russia’s Media-Most is facing financial pressure after one creditor froze company bank accounts on Nov. 2 and 3. Dispute between Media-Most, which controls territory’s top commercial channel NTV, and state-owned Vneshekonombank (VEB) has been winding through local courts since the summer. Current action concerns a credit line of $40 million extended in June […]

  • Mandatory Credit: Photo by AP/REX/Shutterstock (9178399b)Hillary

    Hillary Clinton Talks Russia, Trump, Putin and Midterm Elections at NYC Festival

    MOSCOW — Russia’s Media-Most is facing financial pressure after one creditor froze company bank accounts on Nov. 2 and 3. Dispute between Media-Most, which controls territory’s top commercial channel NTV, and state-owned Vneshekonombank (VEB) has been winding through local courts since the summer. Current action concerns a credit line of $40 million extended in June […]

  • Richard Simmons

    Prosecutors Charge Private Eye With Illegal Spying on Richard Simmons

    MOSCOW — Russia’s Media-Most is facing financial pressure after one creditor froze company bank accounts on Nov. 2 and 3. Dispute between Media-Most, which controls territory’s top commercial channel NTV, and state-owned Vneshekonombank (VEB) has been winding through local courts since the summer. Current action concerns a credit line of $40 million extended in June […]

  • Lionsgate General Counsel Left Amid Allegations

    Lionsgate General Counsel Left Amid Allegations of Sexual Abuse

    MOSCOW — Russia’s Media-Most is facing financial pressure after one creditor froze company bank accounts on Nov. 2 and 3. Dispute between Media-Most, which controls territory’s top commercial channel NTV, and state-owned Vneshekonombank (VEB) has been winding through local courts since the summer. Current action concerns a credit line of $40 million extended in June […]

  • 'Hammerhead' Takes Top Honors at New

    'Hammerhead' Takes Top Honors at New York Television Festival

    MOSCOW — Russia’s Media-Most is facing financial pressure after one creditor froze company bank accounts on Nov. 2 and 3. Dispute between Media-Most, which controls territory’s top commercial channel NTV, and state-owned Vneshekonombank (VEB) has been winding through local courts since the summer. Current action concerns a credit line of $40 million extended in June […]

  • Radiohead Coachella

    Radiohead Demands Answers in Drum Technician's Death

    MOSCOW — Russia’s Media-Most is facing financial pressure after one creditor froze company bank accounts on Nov. 2 and 3. Dispute between Media-Most, which controls territory’s top commercial channel NTV, and state-owned Vneshekonombank (VEB) has been winding through local courts since the summer. Current action concerns a credit line of $40 million extended in June […]

  • Kevin Durant LeBron James

    Kevin Durant Praises LeBron James' Lakers Move

    MOSCOW — Russia’s Media-Most is facing financial pressure after one creditor froze company bank accounts on Nov. 2 and 3. Dispute between Media-Most, which controls territory’s top commercial channel NTV, and state-owned Vneshekonombank (VEB) has been winding through local courts since the summer. Current action concerns a credit line of $40 million extended in June […]

More From Our Brands

Access exclusive content