ISTIL Group has finalised an investment in the Ukrainian pay-TV company Poverhnost.
Under the terms of the deal, full details of which have not been disclosed, an existing bridge loan has been converted into equity capital and other investments provided to Poverhnost.
Poverhnost’s interests include a DTH platform distributed by Eutelsat W4 and six proprietary TV channels, two of which are in HD.
ISTIL Group is meanwhile owned by Mohammad Zahur, a British businessman of Pakistani origin, and lists the Kyiv Post and production studios among its other media interests.
Although Poverhnost is still looking for a strategic investor, the new funds will allow the company to speed up the roll out of pay-TV, including HD, services.