×

Russia’s Leading Indie TV Network CTC Hit by Law Change

Foreign ownership of Russian mass media companies must be reduced from 50% to 20%

CANNES – Russia’s leading independent media company, CTC Media, is taking stock after Russia’s President Vladimir Putin signed amendments to a mass media law that impose further restrictions on foreign ownership of mass media companies.

The amendments reduce the permitted level of foreign ownership of Russian mass media companies from 50% to 20%. The legislation will come into force on Jan. 1, 2016.

CTC Media, which is one of the top six broadcasters in the country, is registered in Delaware and is quoted on the NASDAQ. Nordic media company MTG owns a 37.9% stake.

CTC Media’s board of directors has formed an advisory committee consisting of non-executive directors, which is in the process of appointing financial and legal advisers, and evaluating the actions that the company may take in order to comply with the amended law.

“While these new legal requirements are not expected to directly adversely affect our operating business, they do have significant implications for the ownership structure of our Russian operating business by our American parent company and its international stockholders,” commented Yuliana Slashcheva, CEO of CTC Media. “We are analyzing our alternative courses of action in these circumstances, in order to comply with the law and best protect the interests of our stockholders.”

Jorgen Madsen Lindemann, MTG president and CEO, said: “This is obviously a complex situation and we are working closely with local management and our advisers to review the various options available to us moving forward. It is too early to come with a solution for each of the affected businesses, but we are looking at a range of potential outcomes. We have built up these entertainment businesses over 20 years and the channels are some of the most watched in Russia, so we will do all that we can to preserve the interests of all of our stakeholders.”

Among the Hollywood companies likely to be affected are the Walt Disney Co. and Discovery Communications, which both operate cable TV channels in Russia.

More TV

  • Al Burton

    Al Burton, 'Jeffersons' and 'Diff’rent Strokes' Producer, Dies at 91

    Television producer and executive Al Burton, known for his work on “The Jeffersons” and “Diff’rent Strokes,” died Tuesday at his home in San Mateo, California. He was 91. Burton leaves behind a six-decade legacy of hit television shows that also included “One Day at a Time,” “Silver Spoons,” “Square Pegs” and “Facts of Life.” However, long [...]

  • Dwyane Wade Sets Multi-Year Development Deal

    Dwyane Wade Sets Multi-Year Development Deal at WarnerMedia

    Dwayne Wade is bouncing his way into WarnerMedia’s court. The retired NBA All Star has signed a multi-faceted, multi-year deal with the company, including a development deal via his 59th & Prairie Entertainment production banner. Part of the deal sees Wade sign on as a commentator at Turner Sports. He is set to make appearances [...]

  • Katie Couric Sheryl Sandberg

    Katie Couric Steamrolls Sheryl Sandberg in Roving Vanity Fair Summit Interview

    Sending a jolt through a luxurious and excessively polite afternoon in Beverly Hills, veteran journalist Katie Couric delivered a relentless series of hardball questions to Facebook chief operating officer Sheryl Sandberg on Tuesday. Speaking in conversation at the sixth annual Vanity Fair New Establishment summit at the Wallis Annenberg Center for the Performing Arts, Couric’s [...]

  • EVIL is a psychological mystery that

    CBS Renews 'Evil,' Orders Full Seasons of Four Other Freshman Shows

    CBS is doubling down on all its new shows. The network has renewed “Evil” for a second season, and handed out full-season orders to its other four freshman series, namely “All Rise,” “Carol’s Second Act,” “The Unicorn,” and “Bob Hearts Abishola.” “Evil” is set to conclude its 13-episode first season (creators Michelle and Robert King [...]

  • Jamie Lee Curtis

    Jamie Lee Curtis to Produce Military Drama With Put Pilot Order at Fox

    Jamie Lee Curtis is teaming up with April Fitzsimmons and Berlanti Productions for a drama project that has received a put pilot order at Fox. Titled “Chain of Command,” the one-hour project follows a young Air Force investigator with radical crime-solving methodology who returns to her hometown to join a military task force that doesn’t [...]

  • Michael MannLACMA: Art and Film Gala,

    TV News Roundup: Michael Mann to Direct and Executive Produce HBO Max's 'Tokyo Vice'

    In today’s TV news roundup, HBO Max names MIchael Mann as a director and executive producer of “Tokyo Vice” and Chip and Joanna Gaines announce the first original series coming to the couple’s Magnolia Network. DATES Netflix announced a six-episode docuseries centered on Nasty Cherry, the latest all-female group signed to Charli XCX’s label will [...]

More From Our Brands

Access exclusive content