Four of Russia’s leading broadcasters have agreed to set up a joint venture to sell their airtime.
According to Kommersant, First Channel, VGTRK, Gazprom Media and National Media Group (NMG) will each hold a 25% stake in the venture, which will account for over 80% of TV advertising in the country.
It adds that CTC Media may in due course also join the venture.
The idea of forming such a venture was first mooted by Mikhail Lesin, the former head of Gazprom Media, in 2014.
However, details of how it will function have yet to be agreed upon.