The Board of Directors of CJSC “national media group” (NMG) has decided to appoint the General Director of media holding Olga Pascin, said in a press release LMWH received . About the impending change of management MWF Russian media reported on Thursday, March 17.
Olga pascin was previously head of Discovery Networks in North-Eastern Europe and a joint venture of Discovery and LMWH. She was replaced as the head of NMG Alexander Ordzhonikidze, who headed the holding company since 2009.
The reasons for changing management in MWF do not explain. The press release notes that during its leadership of Ordzhonikidze “was realization of the company’s strategy to expand asset portfolio in a number of segments of the media business”. Over the past seven years CGM acquired a stake in “the First channel” and “STS Media” and radio “Russian news service”, the newspaper “Izvestia” and “Metro-Petersburg”. In 2015, agreements were reached on partnership with large foreign companies in the pay TV market: the Discovery group, Viasat and Turner.
Alexander Ordzhonikidze did not explain the reasons behind his departure from NMG. Olga pascin refused to answer questions , noting that she first need to log in.
The interviewed top managers LMWH say that they change management companies was unexpected. According to their information, the CGM shareholders structure of the Bank “Russia” Yury Kovalchuk, “Surgutneftegaz” and businessman Alexei Mordashov — were satisfied with the work of Ordzhonikidze. “He was very systematic and loyal people,” — said a top Manager in the television market, familiar with Ordzhonikidze. According to him, the decision adopted Ordzhonikidze yourself.
Another friend of the former head of LMWH told that Ordzhonikidze have a suggestion about a new job — which will be known within a month.
Olga pascin came to Discovery Networks in 2014 to the position of senior Vice President and CEO of Discovery Networks in North-Eastern Europe. Prior to joining Discovery Networks, she was President and member of the Board of Directors at ProfMedia, one of the largest private media holdings in Russia, where he worked from 2008 to 2013. In 2013, under her leadership, the trade was executed on connection “prof-media” media holding “Gazprom-Media”. For the TV channels TV3, “Friday”, “2 x 2”, radio stations Avtoradio, Energy, “Humor FM” and Romantika, and also the film company “Central partnership”, “Gazprom-Media” paid cash 21,03 billion rubles.
After in 2014, pascin became head of the division of Discovery Networks in North-Eastern Europe, Western news organisations in connection with the amendments to the law on mass media limiting the share of foreign capital in Russian media to 20%, started to look for options for business restructuring in Russia. Discovery Networks agreed to establish a joint venture with NMG, which manages the Russian version of TV channels Discovery Channel, Animal Planet, TLC, Eurosport, etc.
Following the transaction, NMG had received 80% of the company “discovery holdings”, 20% remained with Discovery Communications structures. The joint venture was named “Media Alliance”. The joint venture Discovery has allowed us to retain business in Russia, and also gave the opportunity again to earn advertising via an on-air license. Advertising can show and spread via cable and satellite broadcasters broadcast at least 75% of the so-called national content, however, the ban does not apply to channels that have at least one licence for analogue broadcasting.
CGM, the partnership has brought increased revenue. According to a source close to the holding, only in the last quarter of 2015 MWF revenue increased by 150 million rubles., including through partnerships with Discovery. In addition to the partnership with Discovery CGM has agreed to buy Russian founders of the channels CNN International, Cartoon Network and Boomerang and on establishing a joint venture with Baring Vostok funds group, which operates in Russia are Viasat channels. In the end, MWF now controls about 20% of the market of paid TV in Russia.
LMWH was last disclosed its financials for 2013. Then the revenue of the company exceeded 14.7 billion rubles., operating profit reached 2.4 billion rubles, net profit — RUR 1.5 bln.
National media group was established in 2008 through the merger of the assets of the Bank “Russia” Yury Kovalchuk, SOGAZ, “Surgutneftegaz” and the Chairman of the Board of Directors of “Severstal” Alexey Mordashov. The ownership structure of MWF is completely unknown.
Parent company Discovery Communications does not disclose their Russian income. In its report merely stated that they do not exceed 2% of total consolidated revenues. By the end of 2014, Discovery Communications could earn Russia about $125 million, or more than 4.8 billion rubles.