CTC Media understands that its proposed sale has been approved by the Russian government commission responsible for the control of foreign investments in the country.
In an update on an upcoming special meeting of stockholders, the broadcaster also confirms that MTG Russia, its largest stockholder, has voted by proxy in favour of the all resolutions proposed for consideration at the special meeting.
At the special meeting, due to take place this Thursday, December 17, in London, CTC Media will seek approval of the sale and subsequent merger detailed in a proxy statement dated November 17 this September.
The sale of CTC Media is being undertaken in order to comply with new rules in Russia that come into effect at the beginning of next year and limit the levels of foreign ownership in media companies to 20%.
