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Stock Market & Financial Investment News

News Breaks
January 31, 2013
06:31 EDTCTCMCTC Media appoints Yulia Mitrovich as Chief Strategy and Digital Media Officer
CTC Media has announced the appointment of Yulia Mitrovich as CTC Media Chief Strategy and Digital Media Officer effective from February 1.
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July 6, 2015
05:18 EDTCTCMCTC Media receives offer for 75% of operating assets, forms special committee
CTC Media announced developments in connection with its response to the amendment to the Russian law “On Mass Media”, which will impose further restrictions on non-Russian ownership of Russian television companies beginning January 1, 2016. The company has received a formal, non-binding offer from UTH Russia, a privately held Russian commercial television broadcasting group, for the purchase of a 75% interest in the company’s Russian business operations. The CTC Media board has appointed a Special Committee composed of independent directors to review and evaluate this offer. The board and the Special Committee have each reviewed the offer and believe that it is appropriate to seek to negotiate the final terms and definitive documentation in respect of the proposed transaction. The Special Committee has agreed to grant a period of exclusivity to UTH, during which the parties will seek to agree the definitive terms of the transaction. If ultimately recommended by the Special Committee and approved by the board, the transaction would be submitted to the company’s stockholders for approval. Pursuant to the non-binding offer, UTH would acquire a 75% interest in the company’s operating businesses, on a cash- and debt-free basis, for $200M in cash. Following this transaction, the direct and indirect ownership of the group’s operating businesses in Russia would comply with the Russian law requirement that at least 80% of the ultimate beneficial ownership and control of the businesses is held by Russians by the stated deadline of January 1, 2016. If the transaction is consummated, it is the board’s intention to return value to the company’s stockholders, and the board is exploring the most efficient manner of doing so. Subject to the final terms of the deal, the business’s cash requirements, the transaction expenses incurred and the tax to be paid, the Board currently anticipates that the funds that would be available pro rata to the company’s public stockholders and its largest stockholder would be expected to represent a modest premium to the closing price of the company’s common stock on the Nasdaq Global Select Market on July 2. The company will continue to comply with applicable international economic sanctions with respect to Telcrest Investments Limited, a holder of 25% of the company’s common stock that is subject to U.S. sanctions.

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