CTC Media dispute resolution in sight
By Chris Dziadul
December 3, 2009 09.40 UK
The dispute between the Russian commercial broadcaster CTC Media and its former president Alexander E. Rodnyansky may be nearing a resolution.
According to Kommersant, Alfa Group, which owns a 26% stake in CTC Media, is ready to withdraw its legal action against Rodnyansky if he agrees to give up a third of the outstanding shares in the company he has received under the option programme.
Rodnyansky owns 5.41% of CTC Media, worth $111.5 million (€73.9 million) on NASDAQ.
CTC Media filed a civil complaint against Rodnyansky in November, claiming that he was actively co-operating with a competing company, since named as the National Media Group (NMG), the operator of Ren TV and St Petersburg Fifth Channel.
CTC Media’s interests include the CTC network, Domashny and DTV, along with stations in Kazakhstan, Uzbekistan and Moldova.
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