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Stock Market & Financial Investment News

News Breaks
January 14, 2013
06:33 EDTCTCMCTC Media upgraded to Buy from Neutral at Goldman
Goldman upgraded CTC Media due to valuation and notes overdone inventory erosion concerns and strong market exposure. Price target is $11.20.
News For CTCM From The Last 14 Days
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February 12, 2016
08:32 EDTCTCMCTC Media receives final tranche of purchase price for business sale
CTC Media announced that it has received the final tranche of the purchase price for its sale of 75% of the outstanding participation interests in its subsidiary CTC Investments to UTV-Management. The sale closed on December 23, 2015, and was intended to bring the operating business into compliance with the foreign ownership restrictions of the Russian Mass Media Law, which became effective on January 1, 2016. CTC Media, Inc. received $150.5M in cash at closing. An additional $50M was held back and was subject to adjustment based on the performance of the business during the second half of 2015 and agreed indemnity obligations. The Company has received $42.5M of this additional consideration in cash. The $7.5M reduction in the total purchase price reflects adjustments for several factors, including identified underinvestment and deferred payments by the group in the second half of 2015 compared with the agreed target budget; a reduction in working capital compared with the agreed target, reflecting the impairment of certain older programming content; and indemnification in connection with the settlement of a commercial litigation matter. The total consideration received in connection with the sale was $193.1M.

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