Moscow. December 28. Ivan Tavrin, who along with Alisher Usmanov, owns a holding company UTH Russia, will join the Board of Directors of “STS investments”, 75% of the shares in which acquired UTV.
“Will the Board of Directors of Russian holding company called “CTC investments”, there will be representatives of the company, representatives of management, representatives of the sell side is because we bought a 75%, 25% still remained with the company CTC Media, which is traded on the Nasdaq. We will have representation on the Board of Directors, where I will come,” said Tavrin in an interview with channel “Russia 24”.
Earlier in December, CTC Media, registered in the U.S. the only public media company on the Russian market, has closed a deal to sell part of the business of the holding company UTH Russia to comply with the new law “On mass media”. The law restricts the direct or indirect participation of foreigners in the Russian media at 20% from 2016. Under the agreement, the American company sold a 75% interest in its subsidiary LLC “TCS investments” the structure of UTH Russia – LLC “UTV Management”.
According to Tavrina, UTV has not yet decided on plans for further development of the STS. “All the possession in the media, in line with the new legislation, as our current channels, and this acquisition should be structured, and we are completing such work, we have already done. If to speak about any operating plans to make any far-reaching conclusions or making any predictions, of course, early because we largely focus on the transaction itself,” he.
UTV holding was established on the basis of media assets Tavrina and Usmanov. The company owns a broadcasting channel “s” and non-terrestrial “Muz-TV”, as well as stakes in broadcasting the Disney channel. American The Walt Disney Co., owns 49% of TV channel, has not yet announced the change.